Advanced Petrochemical Company announced the estimated financial results for the first half ending on June 30, 2021, recording an increase in net profit by 68%, to 436 million riyals from 259 million riyals. Real in the same period of 2020.
The company attributed the increase in net profit in a statement to the Saudi market (Tadawul), today, Wednesday, to an increase in polypropylene sales prices by 53%, and an increase in the profit share from Investment in SK Advanced Company, amounting to 53 million riyals.
The statement noted that the net profit increased despite a 14% decrease in the amount of polypropylene sales due to scheduled periodic maintenance in 2021.
The prices of propane purchased from external sources increased by 53% and 43%, respectively, and the consumption of propylene purchased from external sources increased by 15%, in addition to an increase in expenses. Administrative and public at 57%.
It is reported that these estimated financial results for the period ended June 30, 2021, were prepared by the company's management and are subject to review by the external auditor.
