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Advanced Petrochemical net profit increased in Q1

April 13/2021

MOSCOW (MRC) -- Advanced Petrochemical's net profit increased by 64.4% year on year to Saudi Riyal (SR) 171m in the first quarter of the year amid higher polypropylene sales, said the company. 

Th company reported revenue at SR632 mln, Gross profit SR207 mln, Operational profit SR164 mln, Net profit SR171 mln.  

PP sales prices rose by 36% year on year in the quarter ending 31 March 2021. The increase in net profit was despite the decrease in sales volumes by 13% year on year in the first quarter of 2021.

The first-quarter net profit also includes SR16m share of profit on investment in SK Advanced Co in South Korea compared to a loss of SR18m losses for the same quarter of the last year.

As per MRC, Advanced Petrochemical Co. announced April 11, 2021, that operations at its polypropylene plant resumed as of March 28, 2021, and operations at its propylene plant restarted as of April 11, 2021, after the completion of scheduled maintenance works.

According to MRC's ScanPlast report, PP shipments to the Russian market reached 141,870 tonnes in January 2021 versus 123,520 tonnes a year earlier. Supply of homopolymer PP and PP block copolymers increased.
Author:Anna Larionova
Tags:petroleum products, PP, PE, neftegaz, petrochemistry, Advanced Petrochemical Company.
Category:General News
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