Riyadh – Mubasher: Advanced Petrochemical Company registered net profits worth SAR 29 million in the first nine months (9M) of 2024, marking an 80.40% annual decrease from SAR 148 million.
The earnings per share (EPS) stood at SAR 0.11 in 9M-24 from SAR 0.57 in 9M-23, according to the interim financial results.
The company generated revenues worth SAR 1.61 billion during January-September 2024, lower by 10.53% than SAR 1.80 billion during the corresponding period in 2023.
Financial Results for July-September 2024
During the third quarter (Q3) of 2024, Advanced Petrochemical also achieved net profits that amounted to SAR 46 million, signalling a 2.22% rise from SAR 45 million in Q3-23.
The revenues grew by 8.24% to SAR 643 million during July-September 2024 compared with SAR 594 million in the same quarter in 2023.
On a quarterly basis, the net profits in Q3-24 were 9.52% higher than SAR 42 million in Q2-24 whereas the revenues edged down 0.92% from SAR 649 million.
Positive Financials after Losses in H1-24
It is worth mentioning that the positive financial results by Advanced Petrochemical in 9M-24 and Q3-24 followed the SAR 17 million net losses incurred in the first half (H1) of 2024, which were against net profits of SAR 103 million in H1-23.
The company also posted a loss per share of SAR 0.06 in H1-24 versus earnings per share (EPS) of SAR 0.39 in H1-23.
The revenues during January-June 2024 stood at SAR 970 million, which came 19.70% lower than SAR 1.20 billion in the same six months (6M) in 2023.
