2330
Riyadh – Mubasher: The estimated financial results of Advanced Petrochemical Company showed a 35.75% drop in net profit over the first quarter (Q1) ended on 31 March 2020.
The profits amounted to SAR 104 million in Q1-20, compared to SAR 161.88 million in Q1-19, according to a stock exchange filing on Sunday.
The lower earnings are due to a decrease in polypropylene sales volume and prices by 8.1% and 10.3%, respectively, and an increase in propane consumption by 10.3%.
Furthermore, the petrochemical company registered a share of losses from SK Advanced Co. of SAR 18.19 million in the Q1-20 when compared to a share of profit of SAR 20.70 million in the same quarter last year.
On a quarterly basis, the profits retreated by 45.84% when compared to the previous quarter where they totalled SAR 192 million.
It is worth pointing out that in 2019, the company’s profits went up by 5.8% to SAR 759 million from SAR 716.96 million in 2018.