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Advanced Petrochemicals Q4 net profit slips 2.1%


Advanced Petrochemicals Q4 net profit slips 2.1%
RIYADH, January 11, 2021
Saudi Arabia’s Advanced Petrochemicals has posted a net profit of SR180 million ($47.9million) in the fourth quarter (Q4) of the year, as against SR192 million in Q4 2019, marking a fall of 2.1%, a report said.
The company earned a revenue of SR632 million during the period, as against SR 618 million during the corresponding period in 2019, said Al Rajhi Capital, a leading financial services provider in the kingdom.
Higher-than-expected COGS and SG&A costs due to seasonality factors are likely to have pushed gross and operating profits slightly below estimates, the report said. ....

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Saudi group Advanced Petchem inks US, Japan sales agreements


Saudi group Advanced Petchem inks US, Japan sales agreements
RIYADH, December 29, 2020
Saudi-based Advanced Petrochemical Company, a key manufacturer of polypropylene products, said its subsidiary, Advanced Global Investment Company (AGIC), has signed off-take agreements for the sale of polypropylene with two US-based groups - Vinmar International and Tricon Dry Chemicals - and Mitsubishi Corporation of Japan.
 
As per the long-term deal, AGIC will supply 250,000 metric tonnes per annum of polypropylene each to Vinmar and Tricon Dry Chemicals, while Mitsubishi will get 120,000 MT, stated Advanced Petrochemical Company in its filing to Saudi Tadawul. 
 
The supply of the entire polypropylene stock will be done from its Advanced Polyolefins Company (APOC) facility in Jubail Industrial City set up as a joint venture with South Korea’s SK Gas Petrochemical, it stated.  ....

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