Saudi Arabia’s Advanced Petrochemical Posts Record Profits
The Saudi industrial city of Jubail, home to Advanced Petrochemical Co, one of the Kingdom’s big chemical producers.
Surging demand for polypropylene lifted profits at Jubail-based producer
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.
Source: arabnews
