The financial statements of the Advanced Petrochemical Company showed a decline in the company's profits in the first half of this year by 37.2% year on year.
According to the company's results for the Saudi market (Tadawul), today, Wednesday, the profits for the period amounted to 274 million riyals, compared to 436 million riyals, profits for the first half of last year.
The company said that the decline in profits during the comparison periods was due to the increase in the prices of propane and propylene purchased from external sources by 51% and 20%, respectively, and the decrease in the share of profits from investment in (SK Advanced) company with an amount of 75 million riyals, and an increase in external shipping expenses by 174%, and a decrease in net profit despite an increase in the amount of sales by 24%.
The company recorded a profit of 110 million riyals in the second quarter of this year, compared to a profit of 265 million riyals in the same period last year, a decrease of 58.50%.
The total sales in the first half of this year amounted to 1.68 billion riyals, an increase of 19.9% over the corresponding period of last year, which amounted to 1.401 billion riyals.
