Riyadh – Mubasher: Advanced Petrochemical Company on Thursday announced that it will suspend business for a maximum of 10 days in its propylene plant for "necessary assessment for improvement" starting Friday, 22 February.
The financial impact for the business suspension will appear in the financial results for the first quarter of 2019, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi-based petrochemical maker further noted that the financial impact would depend on the expected polypropylene and feedstock prices .
Advanced Petrochemical last posted a 13.6% year-on-year increase in net profits after zakat and tax to SAR 717 million for the fiscal year ended 31 December 2018, versus SAR 631.12 million during 2017.
The firm’s stock went down 0.72% to finish Thursday’s trading activities at SAR 55.
