Riyadh – Mubasher: Advanced Petrochemical's profits hiked 43.76% year-on-year to SAR 210 million ($56 million) in the fourth quarter of 2016 from SAR 146.08 million ($38.955 million).
The increase in net profit is mainly attributable to increase in sales quantities and price in addition to share of profit on equity investment in SK Advanced Co. Ltd. (associated company), according to a bourse filing on Wednesday.
Over the twelve-month period of the year, net profits rose 2.52% year-over-year to SAR 731 million from SAR 713.03 million.
Share of profit of SAR 47.2 million on equity investment in SK Advanced Co. Ltd. after the commercial operations from April 2016 and also gain of SAR 16 million on sales of 5% shares of SK Advanced Co. Ltd. as announced earlier. Also contributed to higher net profit, the statement said.
Operational profit grew 24.92% to SAR 185 million in Q4-16 from SAR 148.1 million in the year-ago period, while it fell 3.84% for the whole year period to SAR 714 million from SAR 742.52 million compared to the previous year.
