Riyadh – Mubasher: Feedstock prices are expected to increase in the second quarter of 2019 on the back of higher oil prices, Advanced Petrochemical Co’s chairman, Khalifa Al Melhem, told Al Arabiya.
Demand for polypropylene is improving with an annual average growth rate of 4%, Al Melhem added, expressing optimism about polypropylene prices for the rest of 2019.
During the first quarter of 2019, Advanced Petrochemical Co’s net profits rose 66% year-on-year to SAR 162 million, compared to SAR 97.55 million in the year-ago period.
The company ascribed the growth in Q1-19 net profit to an increase in sales volume and a decline in propane and outsourced propylene prices, along with a rise in its share of profit from investments in SK Advanced Co. Ltd.
