Saudi's Advanced Petrochemicals Doubles 2Q Net Profit On Year

Tuesday, Jul 12, 2011

(This story was originally published Monday.)

DUBAI (Zawya Dow Jones)--Saudi Arabia's Advanced Petrochemical Co. (2330.SA) said Monday its net profit for the second quarter was 156 million Saudi riyals ($41.6 million), more than double the SAR65.3 million it recorded in the same period last year and ahead of most analyst forecasts.

The producer said the figure was 19% higher than the SAR131 million it recorded in the first quarter, and attributed the increase to improved sales prices and volumes in a statement it posted on the website of the Saudi borse.

It said earnings per share in the first half of 2011 were SAR2.03, compared to SAR0.83 a year earlier.

Bahrain-based Securities and Investment Corp. had forecast profits for Advanced of SAR121 million, Cairo-based EFG Hermes had predicted SAR111 million and Credit Suisse had pencilled in SAR158 million.

Advanced Petrochemicals shares closed Sunday down 1.2% at SAR33.80.

-By Angus McDowall of Dow Jones; +971-4-446-1685, angus.mcdowall@dowjones.com

(END) Dow Jones Newswires

12-07-11 0417GMT