Riyadh – Mubasher: Advanced Petrochemical Company posted a 5.4% year-on-year increase in its profits for the third quarter of 2019.
Net profits stood at SAR 213.12 million in Q3-19, compared to SAR 744.94 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.
“Net profit is increased by 5.4% compared to Q3 2018 mainly due to reduction in Propane and outsourced Propylene prices by 41% and 15.6% respectively and reduction in consumption of outsourced Propylene by 24.3% despite the decrease in Polypropylene prices by 13.8%, increase in consumption of Propane by 11.9% and increase in general and administrative costs by 47.7%,” the statement said.
Meanwhile, total revenues decreased by 13% to SAR 647.18 million over the quarter, from SAR 744.94 million in the same quarter in 2018.
For the first nine months of 2019, net profits inched up by 2.5% to SAR 567.3 million, versus SAR 553.09 million in the corresponding period last year.
Total revenues of the Saudi-based firm inched down by 1.1% year-on-year to SAR 1.97 billion during the nine-month period ended in September.
By the end of September, the profit per share recorded SAR 2.62.
