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- Presight Q3 revenue up 15.3%; firm accelerates global expansion
- Abu Dhabi Islamic launches debut AED-denominated sukuk for investors
- Al Salam Bank delivers record profitability in Q3
- flynas launches "Saudi Experiences" to boost tourism, support communities
- Adnoc Gas records Q3 net income of $1.3bn, up 8pc
- Jacobs JV with AECOM to deliver design services for Riyadh's The Mukaab
- TAQA reports 9-month profit of $1.66bn
- Asian stocks rise with focus on Fed, tech as US government reopens
- KIPCO reports a net profit of KD 13.4 m for first 9 months
- Ahli Bank issues QAR 500 million bonds
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 | 59.50 | -1.55 (-2.54 |
| SABIC | 56.90 | -0.90 (-1.56 |
| SABICAGRINUTRIENTS | 119.60 | -0.60 (-0.50 |
| LIMEINDUSTRIES | 12.16 | 0.11 (0.91 |
| APICO | 36.92 | -0.08 (-0.22 |
14/11/2025
Presight AI Holding, a leading Abu Dhabi-based global big data analytics company powered by AI, has reported another period of strong performance for the third quarter driven by robust international
Trade Arabia
14/11/2025
Abu Dhabi Islamic Bank (ADIB), in collaboration with the Ministry of Finance, has launched the first UAE Dirham-denominated sovereign sukuk for individual investors via the ADIB Smart Sukuk Platform.
Trade Arabia
14/11/2025
Al Salam Bank has announced record profitability for the nine months ended September 30, marking another milestone in its transformation into one of the region's leading and fast-growing financial gr
Trade Arabia
14/11/2025
flynas, a low-cost airline in the Middle East, announced the launch of the "Saudi Experiences" initiative. This is in collaboration with the Saudi Tourism Authority.
The announcement was mad
Trade Arabia
14/11/2025
Adnoc Gas has announced its Q3 2025 results, achieving the highest third quarter net income in its history at $1.34 billion, an 8 per cent increase year-on-year.
Year-to-date net income reac
Trade Arabia
Financial Information Co.
Saudi Arabia