Advanced Petrochemical’s Q3 Net Profit Rises by 2.2% to SAR 46 Million

Advanced Petrochemical Company reported a 2.2% increase in net profit for the third quarter of 2024, reaching SAR 46 million, compared to SAR 45 million in the same quarter last year. This comes following the announcement of its financial results for the period ending September 30, 2024 (nine months).

Operating profit for the third quarter stood at SAR 76 million, a 5% decrease from SAR 80 million in the same quarter last year. Earnings per share in the current period reached SAR 0.111, down from SAR 0.572 in the same period last year.

According to the company, the rise in net profit is attributed to an 11% increase in net sales prices, alongside a loss share of SAR 30 million from its investment in SK Advanced Company during the current quarter, compared to a SAR 32 million loss share in the same quarter last year. This was achieved despite a 30% increase in propane prices, a 7% rise in purchased propylene prices, and a 3% drop in sales volumes.