Riyadh – Mubasher: Advanced Petrochemical Company announced the estimated financial results for the three-month period ended 30 June 2019.
The Kingdom-based company posted a 24.2% year-on-year profit drop during the second quarter of 2019, recording SAR 192 million, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.
Similarly, revenues declined by 9.16% to SAR 681 million by the end of June, compared to SAR 749.67 million in Q2-18.
The company attributed second-quarter profit decline to the reduction in sales volume by 2.8% and a 6.5% decrease in Polypropylene price, combined with the increased consumption of outsourced Propylene by 8.3%.
Advanced Petrochemical noted that these estimated financials are prepared by the company’s management and are not reviewed by the external auditors.
The firm added that net profits of Q2-19 included SAR 3.1 million share of profit on investment in SK Advanced Company in South Korea, compared to SAR 23.6 million for the same period of the prior year.
It is worth noting that Advanced Petrochemical posted a 66% -year-on-year growth in profits for the first quarter of 2019, registering SAR 162 million.
