Riyadh – Mubasher: Advanced Petrochemical Company on Tuesday posted a 0.56% year-on-year rise in profits for the nine months ended September 2017.
Net profit increased to SAR 527 million in the nine months ended September from SAR 524.07 million in the prior-year period, according to a filing to Saudi Stock Exchange (Tadawul).
The Saudi firm attributed the increase in profits to higher profit share from an equity investment in its associate SK Advanced Co. Ltd. and the non-existence of available-for-sale impairment losses year-to-date (YTD) in 2017, compared to YTD 2016.
On the other hand, gross profit fell 7.07% to SAR 585 million in the nine-month period, versus SAR 629.51 million in the same period last year.
Similarly, operating profit dropped 6.57% to SAR 504 million between January and September from SAR 539.47 million in the corresponding period of the year before.
Sales revenue increased 11.78% to SAR 1.74 billion for the nine-month period, compared to SAR 1.56 billion million in the same period of 2016.
At the level of the third quarter of 2017, Advanced Petrochemical’s net profit grew 9.99% year-on-year to SAR 208 million from SAR 189.1 million.
Operating profit slipped 0.85% to SAR 195 million in Q3-17 from SAR 196.67 million in Q3-16.
On the other hand, sales revenue surged 16.63% to SAR 616.41 million for the quarter ended 30 September from SAR 528.53 million a year ago.
Advanced Petrochemical had previously announced that its profits fell 4.81% year-on-year to SAR 318.87 million in the first six months of 2017, versus SAR 334.97 million.
