02 January 2014 11:32 [Source: ICIS news]
KARACHI (ICIS)--Saudi Arabian Advanced Petrochemical Company (Advanced) beat analyst forecasts on Thursday with a 70% jump in full year net profit due to robust sales growth and low-priced feed stock.
Advanced, a Saudi joint stock company, said net profit rose to 556.8m ($148.5m) Saudi Riyal (SR) in 2013, from SR328.2m reported a year ago. Gross profit in 2013 rose 58.27% to SR 611.7m, while operating profit was up 63.34% to SR565.8m.
“Increase in sales quantity and prices as well as decrease in the prices of feedstock” have supported the net earnings, said Advanced, which operates 450,000 tonnes/year of polypropylene (PP) at its plant in Al-Jubail Industrial city.
Net profit for the three months ended December 31 rose 37.86% to SR161.3m, while operating profit increased 31.26 % to SR160.4m, Advanced said in a brief statement issued to Saudi stock exchange.
A Dubai-based analyst at a local bank said the company’s performance exceeded market expectations.
“Advanced posted another round of record earnings, beating most of the forecasts,” he said.
The market was expecting full-year earnings of SR530m to SR545m.
($1 = SR3.75)
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