Riyadh – Mubasher: Advanced Petrochemical Company announced that its net profits, after zakat and tax, surged by 5.34% year-on-year during the third quarter of 2019.
The net profits after zakat and tax soared to SAR 213 million in Q3-19 when compared to SAR 202.2 million in Q3-18, the company disclosed its estimated income statements the Saudi Stock Exchange (Tadawul) on Sunday.
The company attributed the increase in Q3-19 profits mainly to lower prices of propane and outsourced propylene as well as higher administrative and general expenses.
During the nine-month period, Advanced Petrochemical’s financial statements showed a 2.5% year-on-year rise in net profits to SAR 567 million, compared to SAR 553 million during the corresponding period in 2018.
Additionally, Advanced Petrochemicals noted that these estimated financial results for the period ended on 30 September 2019 were prepared by the firm’s management and were not reviewed by its external auditors.
It is worth pointing out that during the second quarter of 2019, the company’s profits fell by 24.2% to SAR 192 million from SAR 253.34 million in Q2-18.
