The profits of "Advanced Petrochemical" are down 21% in 2020

The profits of the Advanced Petrochemical Company decreased by 21% to reach after zakat and tax to 596 million riyals by the end of the fourth quarter of 2020, compared to profits of 759 million riyals during the same period of the year Previous.

According to Arabiya Net, the reason for the decrease in net profit during this year compared to the previous year is due to the decrease in prices and sales quantities of the polypropylene product by 12.2% and 2.1% Respectively, the share of profits from the investment in SK Advanced Limited will decrease by 55.1% in 2020.

the aforementioned net profit also decreased despite the decrease in the prices of propane and propylene purchased from outside sources by 15.4% and 10.7%, respectively, and the decrease in propylene consumption Purchased from external sources by 6.5%, decrease in general and administrative expenses by 21.9%, and decrease in loan interest by 86.1%.

The company had previously announced the Board of Directors’s recommendation to distribute cash dividends to shareholders for the fourth quarter of the year 2020, by 0.65 riyals per share, with a ratio of distribution to value The nominal share is 6.5%.

The company said in a statement on the Saudi Stock Exchange Tadawul, that the total amount distributed is 140.7 million riyals, for the number of shares owed to dividends of 216.47 million shares.

She added that the eligibility of profits is for the shareholders registered in the company's shareholders register at the Depository Center at the end of the second trading day following the date of the General Assembly, which will be determined after approval of the competent authorities.

She explained that the total cash dividends for the fiscal year ending on December 31, 2020 would be about 562.8 million riyals, equivalent to an amount of 2.60 riyals per share, representing 26% From par value of shares.

The Advanced Petrochemical Company announced a decline in net profits in the third quarter of 2020 by 26.8% to about 156 million riyals compared to 213.12 million riyals for the third quarter of last year.

The profits of the applicant after zakat and tax during the first nine months of 2020 fell to 416 million riyals, compared to 567.3 million riyals for the same period in 2019, down by 26.67%.