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FinancialNews
08-07-21
Saudi net profit increases 71 percent to USD70.6M
(MENAFN)A record expected second-quarter profits driven by an increase in polypropylene sales was announced by Saudi Arabia’s Advanced Petrochemical.
According to the Jubail-based producer, net profit increased 71 percent to SR265 million (USD70.6 million) in comparison to the previous year.
The main donor to earnings stood at 72 percent improvement in sales of polypropylene, used to make packaging in addition to a wide array of consumer products.
Saudi petrochemical producers advantaged from an increasing global demand for packaging as more people shopped online in the outbreak. At the same time a global explosion of demand for visors, masks and other personal protective equipment contributed to support sales.
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