RIYADH: Advanced Petrochemical Company has announced a net profit of SAR 162 million for the quarter ended March 31, 2019, up 66% compared with the profit of SAR 97.55 million in the corresponding quarter last year.
The earnings per share (EPS) clocked in at SAR 0.823 for the quarter under review as against EPS of SAR 0.496 in the same quarter last year.
These estimated financial results for the period ended March 31, 2019 are prepared by the management of the Company and these results are not reviewed by the external auditors, a notice issued to Tadawul said.
Net profit surged due to increase in sales volume by 38.9% and reduction in Propane and outsourced Propylene prices despite reduction in Polypropylene prices by 7.4% and increased consumption of outsourced Propylene by 41.6%. Share of profit on investment in SK Advanced Co. Ltd. also contributed in the increase in net profit for the current quarter.
Net profit also includes SAR 20.7 million share of profit on investment in SK Advanced Co. Ltd. in South Korea compared to SAR 10.2 million for same quarter last year and SAR 7.7 million for previous quarter.[the_ad id=”31605″]