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FINANCIAL NEWS
Saudi Advanced Petchem profit grows by 8pct in Q1
14 May 2017
(MENAFN) Saudi-based Advanced Petrochemical Co. has posted an 8 percent increase in its revenue for the Jan-March period of the year to USD140.2mn.
Moreover, this was due to the product price was more than almost 20 percent year on year, while the firm has recorded a net profit of SR124.4mn, lower than SR164mn.
However, reported operating income and bottom-line came below Al Rajihi Capital estimates on account of lower-than-predicted equity income.
On the other hand, some costs up the gross profit level could have been categorized to below gross level post migrations to IFRS.
MENAFN1405201700450000ID1095476907
MENAFN1405201700450000ID1095476907
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