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Advanced Petrochemical’s profits down 19% in Q2

Advanced Petrochemical’s profits down 19% in Q2
The company's general and administrative expenses slumped by 20.2% in Q2
ADVANCED
2330
4.81% 39.20 1.80

Riyadh – Mubasher: The net profits of Advanced Petrochemical Company amounted to SAR 154.95 million in the second quarter (Q2) of the year, 19.43% less than SAR 192.31 million in the same quarter in the previous year.

The decline in the interim earnings was mainly driven by lower sales prices of Polypropylene by 26.7% and higher consumption of outsourced Propylene by 19.9%, according to a bourse disclosure on Wednesday.

This drop came despite the increase in Polypropylene sales volume by 4% and the decrease in Propane and outsourced Propylene prices by 45.7% and 24.9% respectively. Moreover, the firm’s general and administrative expenses, and financial charges slumped by 20.2% and 93.5%, respectively.

Additionally, revenue dropped by 23.8% to stand at SAR 519.03 million in the three-month period ended 30 June 2020, compared with SAR 680.96 million in the year-ago period.