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Saudi Advanced Petrochemical’s profits down 37% as raw material costs bite
Wed, 2022-07-06 10:37
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.Main category: Business & Economy