RIYADH: The net profit of Advanced Petrochemical Co. went down by 4 percent in the first quarter from a year ago to reach SR164 million ($43 million), according to a bourse filing.
In the statement, the petrochemicals maker revealed that the decrease in net profit was due to an increase in propane and outsourced propylene prices by 40 percent and 27 percent respectively.
Despite the decrease in net profit, the company's sales volume increased by 35 percent from the same period in the previous year.
The company's net profit, however, surged 3.79 percent compared to the previous quarter.
Its total shareholders' equity now stands at SR3,872 million, up 15.8 percent from the same period last year.
