Advanced Petrochemical’s estimated financial results showed a 35.75 percent drop in net profit over Q1. According to a stock exchange filing on Sunday, the profits amounted to SAR 104 million in Q1 2020, compared to SAR 161.88 million in Q1 2019.
The company’s lower earnings are due to an increase in propane consumption by 10.3 percent and a decrease in polypropylene sales volume and prices by 8.1 percent and 10.3 percent respectively.
When compared to a share of profit of SAR 20.70 million in the same quarter in 2019, a share of losses from SK Advanced Co. of SAR 18.19 million in the Q1 2020 registered by the petrochemical company.
When compared to the previous quarter where the profits totalled SAR 192 million, the profits on a quarterly basis retreated by 45.84 percent. The company’s profits went up by 5.8 percent to SAR 759 million in 2019, from SAR 716.96 million in 2018.
