Riyadh – Mubasher: Advanced Petrochemical Company gained SAR 156 million in net profits over the third quarter (Q3) of the year, down 26.8% from SAR 213.12 million in the year-ago quarter, as shown by the firm's estimated financials.
Revenue dropped by 15.8% in the three-month period ended on 30 September 2020 to stand at SAR 545 million, compared to SAR 647.18 million in the same period in 2019, according to a bourse statement on Tuesday.
The slump in Q3-20 earnings was due to a reduction in Polypropylene sales prices and volume by 12.5% and 3.8%, respectively, coupled with an increase in outsourced Propylene consumption by 22.5%.
Meanwhile, Propane and outsourced Propylene prices went down by 7.5% and 12%, respectively, general and administrative expenses fell by 31.4%, while financial charges reduced by 81.8%.
In the January-September period, the profits declined by 26.7% yearly to reach SAR 416 million.