Saudi Arabia’s Advanced Petrochemical Company announced a 65.98% increase in estimated net profits during Q1 2019 to around $43.19 million, Zawya reported.
The year-on-year (YoY) rise in earnings is “mainly due to the increase in sales volume by 39%,” Nitin Garg, a senior analyst at Bahrain-based SICO Bank, told Zawya.
Moreover, the second reason for the growth in profits is the “reduction in propane and outsourced propylene prices by 20.7% and 13.3%, respectively, despite [a] reduction in Polypropylene prices by 7.4%,” Garg added.
The company’s shares on the Saudi Stock Exchange (Tadawul) rose shortly after announcing the financial results.