By Mohamed Abu Meleeh

Riyadh – Mubasher: Advanced Petrochemicals Co. reported 32% growth in profits for the second quarter of 2015 to SAR 243 million, up from SAR 184.63 million in the same period in 2014.

Commenting on the results, Chairman Khalifa Al Mulhim said the profit rise was spurred mainly by stronger production and sales, coupled with a rise in product prices.

Speaking to Mubasher, the top official added that the company’s production rose in the second quarter 15% quarter-on-quarter, while sales increased 28%.

The company sales declined in the first half of this year due to maintenance operations carried out in March.

Meanwhile, profits for the six-month period ended 30 June 2015 increased 3% to SAR 333 million, compared to SAR 322.09 million in the same period the year before.

Al Mulhim also said the company is focusing in China, then India and Turkey, adding that exports may be increased to African market.

The chairman revealed that the joint venture between his company and South Korea’s KS Gas made progress in establishing its propylene plant. He expected trial operation in the plant to start late this year and commercial operation to begin during the first quarter of 2016.

Translated by Sayed Abdel Rahman