Riyadh – Mubasher:  Advanced Petrochemical Co on Sunday announced that its net profits jumped 30.07% year-on-year in the second quarter of 2018, while for the first half, profits grew 10%.

Net profits amounted to SAR 253 million during Q2-18, compared to SAR 194.51 million in the year-ago period, the petrochemicals firm said in a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits surged 159.35%.

The Saudi petrochemical firm attributed the rise in its year-on-year net profits for Q2-18 to an 18.2% rise in polypropylene prices, in addition to a 4.9% growth in sales quantities.

Sales revenues jumped 24.1%, reaching SAR 750 million in Q2-18, compared to SAR 604.4 million during the corresponding quarter of 2017.

At the level of the first six months of 2018, Advanced Petrochemical’s net profits rose 10.08% to SAR 351 million from SAR 318.87 million in H1-17.

Sales revenues also grew 10.9% to SAR 1.253.8 billion between January and June from SAR 1.131 billion in the same period a year before.

Advanced Petrochemical’s total equity, excluding minority interest, stood at SAR 3.258 billion in the period ended 30 June compared to equity of SAR 2.824 billion at 30 June 2017, an increase of 15.4%, the statement showed.

The Saudi-based company last posted a 21.2% decline in profits to SAR 98 million in Q1-18 down from SAR 124.37 million in the same period of 2017.

The stock remained stable at close on Thursday at SAR 55.10.