Saudi Arabia's Advanced Petrochem Q1 net profit rises on higher PP prices

Author: Nurluqman Suratman

2021/04/06

SINGAPORE (ICIS)--Advanced Petrochemical's net profit surged by 64.4% year on year to Saudi Riyal (SR) 171m in the first quarter of the year amid higher polypropylene sales, the producer said on Tuesday.

Saudi Riyal (SR) millions Q1 2021 Q1 2020
Revenue 632
535
Gross profit 207 154
Operational profit 164 125
Net profit 171 104

- PP sales prices rose by 36% year on year in the quarter ending 31 March 2021, the company said in a filing on the Saudi bourse, Tadawul.
- The increase in net profit was despite the decrease in sales volumes by 13% year on year in the first quarter of 2021.
- The first-quarter net profit also includes SR16m share of profit on investment in SK Advanced Co in South Korea compared to a loss of SR18m losses for the same quarter of the last year.