The Board of Directors of the Advanced Petrochemical Company recommended not distributing cash dividends to shareholders for the first quarter of the fiscal year 2023.
The company said in a statement to “Saudi Tadawul” today that the reason for the recommendation is due to the desire to focus on the company’s future expansions and projects, and the recommendation will be reviewed after the start of commercial operation of the Advanced Polyolefins Company project.
She stated that this recommendation will be presented to the General Assembly for a vote, whose date will be determined later after obtaining approval for its convening from the competent authority.
The profits of the Saudi Advanced Petrochemical Company in 2022 decreased by 64%, to 295 million riyals, compared to 865 million riyals, in 2021.
The Advanced Petrochemical Company recorded losses in the fourth quarter of 2022, amounting to 5.9 million riyals.
Profits came in below analysts’ expectations, which were at 327 million riyals.
The value of sales amounted to 2.95 billion riyals, a decrease of 5.2%, while expectations were at 2.98 billion riyals.
The company said that the decrease in net profit by 64% is due to a decline in sales prices by 17%.
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