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Advanced Petrochemical sees 37% lower profits in H1-22; dividends proposed

Advanced Petrochemical sees 37% lower profits in H1-22; dividends proposed
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Riyadh – Mubasher: The estimated financials of Advanced Petrochemical Company reported a 37.16% year-on-year (YoY) decline in the net profits after Zakat and tax to SAR 274 million in the first half (H1) of 2022 from SAR 436 million.

The company generated revenues of SAR 1.68 billion in H1-22, down 19.91% from SAR 1.40 billion in the year-ago period, according to a bourse filing on Wednesday.

The earnings per share (EPS) settled at SAR 1.07 in the first six months (6M) of 2022, against SAR 1.68 in the corresponding period of 2021.

During the second quarter (Q2) of 2022, the company's net profits after Zakat and tax plunged by 58.49% to SAR 110 million from SAR 265 million in the same period of the earlier year.

Meanwhile, the company's board recommended a cash dividend distribution of SAR 142.53 million, representing 5.5% of the capital, for Q2-22.

It is noteworthy to mention that in the first quarter (Q1) of 2022, the company's net profits after Zakat and tax retreated by 4.09% to SAR 164 million from SAR 171 million in Q1-2021.