MOSCOW (MRC) -- Advanced Petrochemicals reported 32% growth in profits for the second quarter of 2015 to SAR 243 million, up from SAR 184.63 million in the same period in 2014, according to a bourse filing, said Mubasher.
Meanwhile, profits for the six-month period ended 30 June 2015 increased 3% to SAR 333 million, compared to SAR 322.09 million in the same period the year before.
The petrochemicals company attributed its profit growth during Q2 and H1 to increased sales and lower values.
As MRC reported earlier, in early February 2015, Advanced Petrochemical Company announced the signing of long-term off-take agreements on January 29, 2015 for the sale of Polypropylene with Mitsubishi Corporation of Japan (150,000 metric ton per annum) and Domo Investment Group of Belgium (100,000 metric ton per annum), to be effective from January 1, 2019 for a period of ten years after the expiry of existing off-take agreements.
Advanced Petrochemical Company (before Advanced Polypropylene) is a Saudi Joint Stock Company, established in October 2005. The company was initially launched by National Polypropylene Limited, jointly owned by Mr. Khalifa Al Mulhim, the chief executive officer of Advanced, and Mr. Monther Laheeq, who negotiated all the main deals related to the project, either before or after the establishment of Advanced Petrochemical. Currently, National Polypropylene Limited controls 7.9% of Advanced Petrochemical. Advanced Petrochemical started the construction of its plants in May 2005. The company produces 455,000 tons per year of propylene and 450,000 tons per year of polypropylene from its production facility located in Jubail Industrial City, in the Eastern coast of the Kingdom of Saudi Arabia. MRC