Riyadh – Mubasher: Advanced Petrochemical Company on Sunday reported a 1.7% year-on-year decrease in profits for the third quarter of 2018, whereas profits increased 5% for the first nine months of the year.

Profits amounted to SAR 218.08 million ($58.14 million) during Q3-18, down from SAR 221.95 million ($59.17 million) in the same period of 2017, the company said in a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits plunged 21.31% from SAR 277.14 million.

The petrochemical maker attributed the profit fall in Q3-18 profits to a rise in feedstock costs by 44.2% on the back of higher propane and outsourced propylene prices.

Despite that, Advanced Petrochemical’s sales and revenues jumped 20.85% to SAR 744.94 million in Q3-18, from SAR 616.41 million during the year-ago period.

Year-on-year, net profits after calculating Zakat and tax decreased 3% to SAR 202.2 million from SAR 208.41 million.

At the level of the first nine months of 2018, the Tadawul-listed firm’s profits levelled up 5% year-on-year to SAR 614.36 million from SAR 585.33 million, whereas its revenues increased 14.4% to SAR 2 billion from SAR 1.75 billion in Q3-17.

Earnings per share (EPS) amounted to SAR 2.811 between January and September 2018 versus SAR 2.679 in the same period of 2017, Advanced Petrochemical added.

“These estimated financial results for the period ended 30 September 2018 are prepared by the management of the Company and these results are not reviewed by the external auditors,” the statement added.

Advanced Petrochemical’s stock last decreased 0.91% to close Thursday's trading session at SAR 54.30.