Advanced Petrochemical Q1 profits decline 4% to $43m as raw material prices rise

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.