RIYADH: Saudi Arabia’s Advanced Petrochemical Co. saw its profit decline by 4 percent during the first quarter of 2022 on higher raw material prices.
The Jubail-based company’s profit dropped to SR164 million ($43 million), compared to SR171 million for the same period a year earlier, the company said in a bourse filing.
The decline was propelled by an increase in propane and outsourced propylene prices by 40 and 27 percent respectively and a decrease in profit share on SK Advanced Investment of SR30 million.
Speaking to Al Arabiya, board chairman, Khalifa Al Mulhem, said he expects a drop in propane and propylene prices during the second half of the year despite the recent hike.
