Riyadh – Mubasher: Advanced Petrochemical Company generated SAR 103 million worth of net profits after Zakat and tax in the first half (H1) of 2023, which came 62.41% lower than SAR 274 million in H1-22.
The annual plunge in H1-23 net profits resulted from a 22% decrease in sales prices as well as a 6% lower volume, the company said in a bourse disclosure.
The earnings per share (EPS) declined to SAR 0.4 in the first six months (6M) of 2023 from SAR 1.05 in the same period a year earlier.
Advanced Petrochemical achieved revenues worth SAR 1.20 billion during January-June 2023, signalling an annual drop of 28.09% from SAR 1.68 billion.
Financial Results for Q2-23
The income statements indicated that the listed company reported a 45.45% year-on-year (YoY) decrease in net profit to SAR 60 million during the second quarter (Q2) of 2023 from SAR 110 million.
The revenues also fell by 28.50% to SAR 582 million in Q2-23 from SAR 814 million in Q2-22.
On a quarterly basis, the Q2-23 net profits were 39.53% higher than SAR 43 million in Q1-23, while the revenues shrank by 7.18% from SAR 627 million.
It is worth mentioning that in Q1-23, Advanced Petrochemical reported lower net profits when compared to Q1-22.
