The year 2019 saw the highest net profit, Polypropylene production and sales in the company's history
By Staff Writer, Mubasher
Riyadh – Mubasher: Advanced Petrochemical Company posted a 5.86% year-on-year (YoY) growth in net profits, as per the estimated financial results for the fourth quarter (Q4) of 2019.
The year 2019 saw the highest net profit, Polypropylene production and sales in the company's history, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.
Net profit after Zakat and tax for the three-month period ended 31 December 2019 stands at SAR 759 million, compared with SAR 716.96 million for the corresponding period in 2018, the statement showed.
The company attributed the growth in profit to a 6.2% rise in sales volume and a reduction in Propane and outsourced Propylene prices by 26.5% and 16.3%, respectively.
Moreover, Advanced Petrochemical achieved an increased in share of profit on investment in SK Advanced Company in South Korea by 14.5%.
This comes despite a 5.6% YoY decline in revenues to SAR 2.595 billion, as well as a decrease in Polypropylene prices by 11.1%, increase in consumption of Propane by 5.6% and increase in fixed production costs and general and administrative expenses by 21.7% and 30.9%, respectively.
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