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|
- 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,
- 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.