Advanced Petrochemicals profits down 19% in H1-20

Riyadh – Mubasher: Advanced Petrochemical Company on Sunday announced logging SAR 155 million in net profit after Zakat and tax during the first half (H1) of 2020, down by 19.4% from SAR 192.31 million recorded in the same period in 2019, the company’s initial financials indicated.

Revenues for the first six-month period declined by 23.78% annually to reach SAR 519 million when compared to SAR 680.96 million in H1-19, according to a bourse statement.

The drop in the interim earnings is mainly attributed to a 26.7% fall in polypropylene selling prices and a 19.9% increase in the consumption of outsourced propylene.

However, polypropylene sales volume grew by 4%, propane and outsourced propylene prices fell by 45.7% and 24.9%, respectively, while general and administrative expenses, and financial charges slid by 20.4% and 93.5%, respectively.

Source: Mubasher

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