Dec 19 2011 |
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Advanced Petrochemical Company Announces Net Income of SR 135.5 million in 3Q of 2011
Riyadh - The Jubail-based Advanced Petrochemical Company has announced that its net income during the Third Quarter (3Q) of 2011 was SR 135.5 million compared to SR 121.1 million for the same quarter last year with an increase of 12 per cent.
This was disclosed in the interim financial results for the period that ended on September 30, 2011.
The company's gross profit during the 3Q of 2011 was SR 150.7 million compared to SR 136.9 million for the same quarter last year with an increase of 10%.
Its income from operation during the 3Q of 2011 was SR 141.2 million compared to SR 128.7 million for the same quarter last year with an increase of 10 %.
The Advanced Petrochemical Company 's net income during the 9 months was SR 422.2 million compared to SR 238.9 million for the same period last year with an increase of 77 %.
The Earnings per share during the 9 months was SR 2.986 compared to SR 1.690 for the same period last year.
The company's gross profit during the 9 months was SR 465.9 million compared to SR 287.7 million for the same period last year with an increase of 62%.
The company's income from operation during the 9 months was SR 437.6 million compared to SR 261.7 million for the same period last year with an increase of 67%.
The reasons for the increase in net income of the 3Q of 2011 and period ended September 30, 2011 compared to the 3Q of 2010 and period in 2010 are mainly due to the improved product prices and increased sales quantity while the reason for the decrease in net income of the 3Q of 2011 compared to the 2Q of 2011 is mainly due to the decreased product prices.
The Advanced Petrochemical Company 's was established as a joint stock company in the Kingdom of Saudi Arabia on 27th Shaban 1426H (Corresponding to 1 October 2005) to develop an integrated propane Dehydrogenation and Polypropylene complex in Jubail Industrial City.
The company produces 450,000 tons per annum of polypropylene. The company is utilizing proven technologies provided by ABB Lumus and Novolen Technology Holdings (NTH).
The products are marketed locally and globally through approved partners with high quality packaging materials.
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