Saudi Arabia’s Advanced Petrochemical Company reported close to 40 percent rise in its third-quarter net profit, following a significant jump in polypropylene sales.
Net profit for the three months ending September 30, 2021 stood at 218 million riyals ($58 million), up by 39.7 percent from 156 million riyals in the same period last year, the polypropylene maker told the Saudi Stock Exchange (Tadawul) on Wednesday.
Sales revenue for the current quarter surged by 47.7 percent to 805 million riyals, while total comprehensive income grew from 286 million riyals to 356 million riyals over the same period.
“Net profit increased by 39 percent compared to Q3 2020 mainly due to the increase in polypropylene sales,” the company said.
The earnings increased despite a jump in outgoings, such as general/administrative expenses and offshore logistics costs, which went up by 27 percent and 195 percent, respectively.
For the first nine months of the year, total sales/revenue touched more than 2.2 billion riyals, up from 1.6 billion riyals in the previous year. Net profit also grew from 416 million riyals to 654 million riyals during the same period.
(Writing by Cleofe Maceda; editing by Daniel Luiz )
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