RIYADH: Saudi Arabia’s Advanced Petrochemical Co. saw its profit decline by 37 percent during the first half of 2022, hit by higher raw material prices.
The Jubail-based company’s profit dropped to SR274 million ($73 million), compared to SR436 million for the same period a year earlier, according to a bourse filing.
The decline was propelled by a rise in propane and outsourced propylene prices by 51 and 20 percent, respectively, and a decrease in profit share from its South Korean unit SK Advanced Co. by SR75 million.
This was coupled with an increase of 174 percent in offshore logistics costs, despite a 24-percent higher sales volume.
Sales of the Saudi-listed petrochemical producer surged to SR1.68 billion during the six-month period.
In a separate announcement, Advanced Petrochemical said it will distribute a cash dividend of SR142.53 million at SR0.55 per share for the second quarter of the year on Sept. 18.