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14/05/2017 07:38 AST
Saudi-based Advanced Petrochemical Company (APPC) has reported a eight per cent growth in its revenue for the first quarter to SR526.2 million ($140.2 million) compared to the same period last year despite a shutdown of eight days, said a report.
This was mainly because the product price was up around 20 per cent y-o-y, stated Saudi-based broker Al Rajhi Capital in its review.
However, the company has posted a net profit of SR124.4 million, lower than consensus (SR164 million) and the estimates of (SR159 million), it added.
Reported operating income and bottom-line came below Al Rajhi Capital estimates on account of lower-than-expected equity income from SK Advanced and higher than expected operating expense and operating leverage.
Given upward revision of prior period gross profits, some costs above the gross profit level could have been categorized to below gross level post migration to IFRS, a similar pattern observed with most of the companies in the sector in Q1, stated the Saudi brokerage in its review.
"On the whole, downward revision to prior net profits (these changes being non-cash) and lower than expected net profit in Q1 is unlikely to change our valuation of APPC materially," it added.
Trade Arabia
19/01/2016
Kuwait's Petrochemicals Industries Company (PIC) has agreed to buy a 25 percent equity stake in a venture owned by South Korea's SK Gas Co Ltd and Saudi Advanced Petrochemical Co, shareholders of the
Reuters
26/05/2015
The Board of Directors of Advanced Petrochemical Company in their meeting held on May 26th 2015 reviewed the financial and operational performance of the Company and has recommended to distribute div
Tadawul
24/03/2015
Saudi Arabia's Advanced Petrochemical said on Monday it had restarted production at its propylene and polypropylene plants after scheduled maintenance.
Full operational capacity at the two
Reuters
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 59.55 | 0.00 (0.00 |
| SABIC | 54.95 | 0.00 (0.00 |
| SABICAGRINUTRIENTS | 116.00 | 1.00 (0.86 |
| YANSAB | 30.42 | -0.10 (-0.33 |
| LUBEREF | 94.70 | 0.75 (0.79 |
06/02/2026
Over three days at the Kuwait Oil & Gas Show and Conference (KOGS 2026), National Bank of Kuwait took part in dynamic networking activities, expert-led discussions, and targeted knowledge-sharing eng
Kuwait Times
06/02/2026
AD Ports Group, a leading global enabler of integrated trade, industry and logistics solutions, on Thursday signed a 30-year concession agreement with Aqaba Development Corporation (ADC) to manage an
Trade Arabia
06/02/2026
NMDC Group, a global leader in engineering, procurement, construction and marine dredging, today announced a strong set of financial results for 2025, reporting revenues of AED28.8 billion ($7.84 bil
Trade Arabia
05/02/2026
Invest Qatar, the Investment Promotion Agency of Qatar, and Doha Bank have announced a strategic partnership aimed at further enhancing the ease of doing business for foreign investors entering the Q
Gulf Times
05/02/2026
In celebration of Kuwait's national holidays, in which the country commemorates its beautiful history and achievements, National Bank of Kuwait announced a limited-edition issuance of KWD Visa Prepai
Kuwait Times
Financial Information Co.
Saudi Arabia