Riyadh – Advanced Petrochemical Company generated SAR 301 million in net profit after Zakat and tax during the first nine months (9M) of 2022, lower by 53.98% than SAR 654 million in 9M-21.

Revenues increased by 5.94% year-on-year (YoY) to SAR 2.33 billion in the January-September 2022 period, compared to SAR 2.20 billion, according to the initial income statements.

The earnings per share (EPS) settled at SAR 1.16 in 9M-22, versus SAR 2.51 in 9M-21.

During the third quarter (Q3) of 2022, the company’s net profits after Zakat and tax shrank by 87.61% to SAR 27 million, compared to SAR 218 million in Q3-21.

Likewise, the revenues dropped by 18.39% YoY to SAR 657 million in Q3-22 from SAR 805 million.

On a quarterly basis, the Q3-22 net profits after Zakat and tax plummeted by 75.45% from SAR 110 million in Q2-22, whereas the revenues retreated by 19.29% from SAR 814 million.

In the first half (H1) of 2022, Advanced Petrochemical logged estimated net profits after Zakat and tax worth SAR 274 million, down 37.16% from SAR 436 million in the year-ago period.

Meanwhile, the firm will pay out SAR 142.53 million as cash dividends for Q3-22 on 18 December.

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