Riyadh – Mubasher: Advanced Petrochemical Co on Monday posted a 66% -year-on-year growth in profits for the first quarter of 2019.
Net profit reached SAR 162 million in Q1-19, compared to SAR 97.55 million in the year-ago period, the company said in a filing to the Saudi Stock Exchange (Tadawul).
The company attributed the increase in Q1-19 net profit to an increase in sales volume by 38.9% and a decline in propane and outsourced propylene prices, as well as the increase in its share of profit on investment in SK Advanced Co. Ltd.
Quarter-on-quarter, profits fell 1.14% from 163.87 million, according to the filing.
Moreover, the company’s revenue totalled SAR 648 million in the three-month period ended in March, versus SAR 503.82 million in the same quarter a year ago.
Earnings per share amounted to SAR 0.823 in Q1-19, versus SAR 0.496 in Q1-18.
In January, Advanced Petrochemical posted a 13.6% year-on-year increase in net profits after zakat and tax in 2018, logging SAR 717 million, against SAR 631.12 million.
