Riyadh – Mubasher: Advanced Petrochemical Company reported a 5.6% increase in net profit for last year, as shown by the annual financial results, recording the highest net profit in its history.

Net profit after zakat and tax amounted to SAR 759.31 million in 2019, compared with SAR 716.96 million for the same period last year.

The company attributed the rise in profits to the growth in sales volume by 6.2% and a reduction in Propane and outsourced Propylene prices by 26.5% and 16.3%, respectively.

Last year also saw a 14.5% increase in the share of profit on investment in SK Advanced, an associated company in South Korea.

However, Polypropylene prices decreased by 11.1%, while Propane consumption went up by 5.6%.

Moreover, fixed production costs and general and administrative expenses increased by 21.7% and 30.9%, respectively.