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RIYADH: Saudi Arabia’s Advanced Petrochemical Co. saw its profit decline by 4 percent during the first quarter of 2022 as propane and outsourced propylene prices rose.
The Jubail-based company’s profit dropped to SR164 million ($43 million) compared with SR171 million for the same period a year earlier, the company said in a bourse filing.
The reasons for this decline were 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 by SR30 million.
Advanced Petrochemical plans $693m capital hike through granting bonus sharesSaudi chemical giant SABIC reports a massive rise in 2021 profit
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