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Advanced Petrochemical sees 37% higher profits in 2021 estimated financials

Advanced Petrochemical sees 37% higher profits in 2021 estimated financials
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Riyadh – Mubasher: Advanced Petrochemical Company has reported estimated net profits after zakat and tax of SAR 815 million in 2021, up 36.839% from SAR 595.59 million in 2020.

Higher net profits are attributed to a 51% rise in polypropylene sales prices, according to a bourse filing on Sunday.

The company's revenues increased by 39.42% to SAR 3.111 billion in 2021, compared to SAR 2.231 billion in the earlier year.

The earnings per share (EPS) stands at SAR 3.767 in 2021, compared to SAR 2.751 in the previous year.

It is noteworthy to mention that during the first nine months (9M) of 2021, the company's net profits hiked by 57.2% to SAR 654 million, compared to SAR 416 million in the year-ago period.