Riyadh-Mubasher: Advanced Petrochemical’s net profit retreated 23.5% in the second quarter of 2016 to SAR 186 million ($49.6 million), from SAR 243.15 million ($64.84 million) in the same quarter of 2015, according to a bourse filing.
“The decrease in net profit is mainly attributable to decrease in polypropylene market prices despite lower feedstock prices,” said the statement.
The company’s net profit in the first half of 2016 was marginally down 0.23% to SAR 332 million from SAR 332.77 million in the same half of 2015.
The company stated that the results of Q2-16 includes SAR 8 million as profit from equity investment in SK Advanced Co. Ltd. (associated company), as well as a loss provision of SAR 9 million arising from the devaluation of investments available for sale.
Operating profit levelled down 24.27% in Q2-16 to SAR 192 million from SAR 253.53 million in Q2-15, and declined 5% in H1-16 to SAR 336 million against SAR 353.87 million in the same period last year.
