RIYADH: Saudi Arabia’s Advanced Petrochemical Co. saw its profit decline by 54 percent during the first nine months of 2022, hit by higher raw material prices.
The Jubail-based company’s profit dropped to SR301 million ($80 million), compared to SR654 million for the same period a year earlier, according to a bourse filing.
Following the announcement, Advanced Petrochemical’s shares gained 0.11 percent to reach SR44.50.
The decline was propelled by a rise in propane and outsourced propylene prices by 32 and 10 percent, respectively, and a decrease in profit share from its South Korean unit SK Advanced Co. by SR63 million.
This was coupled with an increase of 105 percent in offshore logistics costs, despite a 17 percent higher sales volume.
During the third quarter of 2022, the Saudi-listed petrochemical producer posted an 88 percent decline in profits to SR27 million, down from SR218 million a year earlier.
