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.
