Advanced Petrochemical Company shifted to losses during the first quarter (Q1) of 2024, posting a net loss of SAR 58 million, versus a net profit of SAR 43 million in the comparative period a year earlier.

Revenues fell 48.80% YoY to SAR 321 million in Q1-24 from SAR 627 million, according to the interim financial results.

Advanced Petrochemical logged a loss per share of SAR 0.226 in the three-month period that ended on 31 March 2024, compared to earnings per share (EPS) of SAR 0.165 in the corresponding period a year earlier.

The company reported a net profit of SAR 23 million in Q4-23. Revenues tumbled 43.78% quarter-on-quarter (QoQ) in Q1-24 from SAR 571 million.

In 2023, Advanced Petrochemical reported a net profit of SAR 171 million, a 42.03% YoY drop from SAR 295 million.

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