The financial statements of the Advanced Petrochemical Company showed a decline in the company's profits in the third quarter of this year by 26.8% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Tuesday, profits for the period amounted to 156 million riyals, compared to 213.12 million riyals profits for the third quarter of 2019.
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The company said in a statement to the Stock Exchange that the decline in profits during the comparison periods is due to the decrease in polypropylene sales prices and the amount of sales by 12.5% and 3.8%, respectively, and the increase in consumption. 22.5% of the propylene purchased from outside sources.
and she explained that the net profit decreased despite the decrease in the prices of propane and propylene purchased from external sources by 7.5% and 12%, respectively, general and administrative expenses decreased by 31.4%, and fees decreased. Financial 81.8%
and at the level of the first nine months of 2020, the company achieved profits of 416 million riyals, compared to a profit of 567.3 million riyals for the same period last year, a decrease of 26.7% .
