Advanced Petrochemical Company witnessed a 73.78% drop in net profit after Zakat and tax to SAR 43 million during the first quarter (Q1) of 2023, versus SAR 164 million in Q1-22.

The Saudi firm generated revenues valued at SAR 627 million in Q1-23, lower by 27.60% year-on-year (YoY) than SAR 866 million, according to interim financial results.

Earnings per share (EPS) retreated to SAR 0.17 as of 31 March 2023 from SAR 0.63 in the year-ago period.

On a quarterly basis, Advanced Petrochemical turned profitable in Q1-23 against net losses after Zakat and tax worth SAR 6 million in Q4-22. Meanwhile, the revenues increased by 2.45% from SAR 612 million.

Last year, the company’s net profits after Zakat and tax plummeted by 63.80% to SAR 295 million in from SAR 815 million in 2021.

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