The financial statements of the Advanced Petrochemical Company showed that the company's profits in the second quarter of this year decreased by 19.4% compared to the profits for the corresponding period of 2019.
According to the results of the company for the Saudi market (Tadawul) today, Wednesday, the profits for the period amounted to 154.95 million riyals, compared to the profits for the second quarter of 2019 amounting to 192.31 million riyals. p>
The company said in a statement to the Stock Exchange that the decline in profits during the comparison periods is due to a decrease in the prices of polypropylene sales by 26.7%, and a rise in the consumption of propylene purchased from external sources by 19.9% .
She explained that the net profit for the period declined despite the increase in the amount of sales of polypropylene 4% and the decrease in the prices of propane and propylene purchased from external sources (by 45.7% and 24.9%, Respectively), decrease in general and administrative expenses by 20.2% and decrease in financial fees by 93.5%.
The company achieved profits of 259.29 million riyals in the first half of this year, compared to a profit of 354.18 million riyals for the same period last year, a decrease of 26.8%. < / p>
(Fun Knowledge of Knowledge)
