Riyadh – Mubasher: Saudi-based Advanced Petrochemical Company on Sunday reported a 21.2% year-on-year decrease in its estimated profits for the first quarter of 2018.

The firm posted SAR 98 million net profits during Q1-18 down from SAR 124.37 million in the same period last year, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, Advanced Petrochemical’s net profits tumbled 5.61%.

The Saudi petrochemical company attributed the decline in its year-on-year net profits to a 15.8% drop in sales quantities, whereas outsourced propylene prices and propane prices jumped 21.9% and 16.3%, respectively.

Revenues from sales fell 4.26% to SAR 504 million in Q1-18, from SAR 526.24 million during the corresponding period of 2017.

The company’s total comprehensive income surged 51.83% to SAR 239 million between January and March, compared to SAR 157.53 million in Q1-17.

Advanced Petrochemical's stock last gained 0.77%, closing Thursday’s session at SAR 48.70.

Earlier this year, the Saudi petrochemical producer posted a 13.8% decrease in profits to SAR 631.1 million for the full year 2017, from SAR 731.9 million in the previous year.