RIYADH: Saudi Arabia’s Advanced Petrochemical Co. registered its highest-ever estimated annual profit since its incorporation in 2021, amid higher polypropylene sales.
The Jubail-based company’s net profit rose by 37 percent to SR815 million ($217 million), compared to SR596 million a year earlier, it said in a bourse filing.
This was mainly driven by a 51 percent increase in sales of polypropylene — used to make packaging as well as a wide array of consumer products.
Total comprehensive income surged to SR985 million, up 56 percent year-on-year, due to unrealized gains on equity investment during the period.
The hike came despite some drawbacks including a decline in its stake in South Korean affiliate SK Advanced Co. and higher prices of propane and outsourced propylene, among other factors that led to an increase in expenses.
Saudi Advanced Petrochemicals sees prices rise on stronger demand