Advanced Petrochemical’s net profit reported a net profit of 218 million riyals ($58 million) in the third quarter, nearly 40 percent higher compared to the year-ago period amid a sharp rise in polypropylene (PP) sales prices, the Saudi Arabia-based producer said on Sunday.
On a sequential quarter bases, the net profit was 18 percent lower, the company said in a statement on Saudi stock exchange Tadawul on Sunday.
Advanced attributed the jump in third quarter profit to a 47 percent rise in PP sales prices.
The net income also included a 5 million riyals loss on investment in SK Advanced Co. Ltd. in South Korea compared to 22 million riyals share in profit for the same quarter in 2020 and 26 million riyals profit for Q2 2021, the petrochemicals company said.
The results beat most analysts’ expectations. Investment bank Riyad Capital had estimated 213 million riyals net profit for Advanced in the Q3. SNB Capital forecast 193 million riyals and Al Rajhi Capital had penciled in 200 million riyals.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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