RIYADH: Saudi Arabia’s Advanced Petrochemical reported record estimated second-quarter profits driven by a surge in polypropylene sales.
Net profit gained 71 percent to SR265 million ($70.6 million) compared to the year-earlier period, the Jubail-based producer said in a filing to the Saudi stock exchange.
The main contributor to earnings was a 72 percent increase in sales of polypropylene, used to make packaging as well as a wide array of consumer products.
Saudi petrochemical producers have benefited from a rise in global demand for packaging as more people shopped online during the pandemic. At the same time a global explosion of demand for visors, masks and other personal protective equipment has also helped to support sales.
The company said its performance for the current period was the best on record.
Saudi Arabia’s Advanced Petrochemical posts record profits
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Saudi Arabia’s Advanced Petrochemical posts record profits
- Surging demand for polypropylene lifted profits at Jubail-based producer
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
