Riyadh – Mubasher: Advanced Petrochemical Company on Sunday stated that its net profits retreated 13.8% in 2017, compared to 2016.
Net profits decreased to SAR 631.1 million during 2017, from SAR 731.9 million in the year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi petrochemical firm attributed the decline in its annual net profits to a rise in feedstock costs, especially propane cost which grew by 38.24% and outsourced propylene cost that levelled up by 69.62% in 2017, compared to 2016.
Net profits include SAR 47.61 million profits from investing in SK Advanced Co. Ltd. during 2017, compared to SAR 47.22 million in the year before.
Sale revenues went up 11.5%, reaching SAR 2.38 billion in 2017, compared to SAR 2.14 billion in 2016.
The Tadawul-listed firm posted 10% increase in profits to SAR 208 million in the third quarter of 2017, from SAR 189.1 million in Q3-16.
By 10:06 am KSA time, the stock declined 2.62% to SAR 42.30.