Saudi Arabia's Advanced Petrochemicals Co. said on Wednesday its Q2-2022 net profit more than halved to 110 million riyals ($29 million) from 265 million riyals in the year-ago period.

The result fell short of the analysts’ estimate of 132.3 million riyals, as per data provider Refinitiv.

The drop in profit, which came despite a 13 percent rise in sales volumes, was due to higher propane and propylene prices, and a drop in share of profit on investment in SK Advanced by 45 million riyals, the polypropylene maker said in a Tadawul bourse filing.

Sales revenue was 6 percent higher y-o-y at 814 million riyals.

For H1-2022, Advanced Petrochemicals saw its net profit drop by 37 percent to 274 million riyals.

(Reporting by Brinda Darasha; editing by Seban Scaria)