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Advanced Petrochemical logs SAR 717m profit in FY18

Advanced Petrochemical logs SAR 717m profit in FY18
-0.35% 57.20 -0.20

Riyadh – Mubasher: Advanced Petrochemical Company on Sunday reported a 13.6% year-on-year increase in net profits after zakat and tax for the fiscal year ended December 2018.

Net profits totalled to SAR 717 million last year, versus SAR 631.12 million in 2017, the company said in a statement to the Saudi Stock Exchange (Tadawul).

Meanwhile, sales grew 15.24% to SAR 2.74 billion from SAR 2.384 billion in the prior-year period, the company added.

The petrochemical maker attributed the growth in profit for 2018 to a 13.27% increase in polypropylene prices and a 1.75% increase in sales quantities, as well as a 40.48% rise in share of profit on investment in SK Advanced Co. Ltd, an associated company in South Korea.

Earnings per share (EPS) amounted to SAR 3.643 for the 12-month period ended last December, versus SAR 3.207 for the same period of 2017.

In October, Advanced Petrochemical posted a 5% increase in net profits for the first nine months of the year.

Profits reached SAR 218.08 million during Q3-18, down from SAR 221.95 million in the corresponding period of 2017.