The Saudi Advanced Petrochemical Company achieved the highest annual profits since its establishment, as the company's profits increased by 36.8% in 2021 to reach 815 million riyals, compared to 595.59 million riyals, in 2020.
According to Arabia Net, the company's operating profits during the past year amounted to 868 million riyals, compared to 592.45 million riyals in 2020.
The company said that the net profit rose by 37% compared to 2020, mainly due to the increase in the prices of the polypropylene product by 51%.
And it stated that the increase in net profit came despite a decrease in the share of profits from investing in SK Advanced (a subsidiary of the Republic of South Korea) by 24 million riyals, a decrease The amount of polypropylene product sales increased by 7% as a result of scheduled periodic maintenance in 2021.
It clarified that the prices of propane and propylene purchased from external sources increased by 83% and 32%, respectively.
Administrative and general expenses also increased by 54%. This is mainly due to the administrative expenses of the Advanced Company for Polyolefins project, as well as the increase in financing costs by 10 million riyals due to the financing of the company's share in the Advanced Company for Polyolefins project.
The applicant pointed out the increase in external shipping fees by 200%.
The company has settled the amounts of zakat and income tax for the years in dispute 2006 and from 2008 to 2013 and 2018, in the amount of 34 million riyals.
