Riyadh – Mubasher: Advanced Petrochemical on Tuesday announced a slight year-on-year increase in profits by 1.2% for the second quarter of 2017.
The petrochemical firm achieved profits of SAR 194.51 million in Q2-17 up from SAR 192.11 million in Q2-16, according to a bourse filing.
Quarter-on-quarter, the company’s profits rose 56.3% compared to SAR 124.37 million.
The slight growth in net profits is attributed to “a rise in share in profits on equity investment in SK Advanced Co Ltd (associated company) despite the marginal reduction in operational profit as a result of increase in feedstock prices.”
The rise in feedstock prices came despite an increase in sales volume and higher selling prices, the company added in its statement.
Sales revenues went up 10.62% to SAR 604.41 million in Q2-17, compared to SAR 546.41 million in the same period in the year earlier.
Meanwhile, for the first six months of 2017, sales revenues increased 9.3% to reach SAR 1.13 billion, compared to SAR 1.034 billion in H1-16.
Year-on-year, total comprehensive income slid 86.5% to SAR 43.67 million in Q2-17 from SAR 324.69 million. Similarly, for the first six months of the year, total comprehensive income tumbled 55.42% to reach SAR 201.21 million compared to SAR 451.35 million in H1-16.
By 11:52 am Saudi time, Advanced Petrochemical’s stock gained 0.13% to SAR 45.
