Profits of the Saudi Advanced Petrochemical Company in 2022 fell by 64%, to 295 million riyals, compared to 865 million riyals, in 2021.
Advanced Petrochemical Company reported losses in the fourth quarter of 2022 amounting to 5.9 million riyals.
Profits fell short of analysts’ expectations, which came in at 327 million riyals.
The sales value was 2.95 billion riyals, in drop of 5.2%, while expectations were of 2.98 billion riyals.
The company said the 64% decline in income was due to a 17% drop in selling prices.
“Advanced” pointed out that it suffered losses of 109 million riyals by investing in SK Advanced in 2022, compared to profits of 11 million riyals made in 2021.
Purchased prices of propane and propylene increased 13% and 4%, respectively, along with overseas transportation costs increasing 36%.
Net income decreased despite sales volumes increasing 14%.
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