Riyadh – Mubasher: Advanced Petrochemical earned SAR 188 million ($50.13 million) in the third quarter of 2016, which is lower 19.7% year-on-year from SAR 234.18 million ($62.45 million) and higher 0.76% quarter-on-quarter from SAR 186.59 million, according to a bourse filing on Tuesday.
Q3 decline was attributed to the decrease in polypropylene market prices, while lower feedstock prices slightly sent net profits higher than the second quarter, the filing revealed.
Over the first nine months, net profits slid 8.1% year-over-year to SAR 521 million from SAR 566.95 million.
This quarter’s net profits include a SAR 14.3 million profit share on equity investment in SK Advanced, an associated company, as well as a provision for impairment loss of SAR 14.0 million due to salable investments
