Arabian Plastic posts 29% profit jump to SAR 7.8 mln in 2021

Arabian Plastic Industrial Co. (APICO), which will list shares on Nomu-Parallel Market soon, reported a rise of 29% in 2021 net profit to SAR 7.8 million, compared to SAR 6 million a year earlier.

The higher profit was driven by a 25% rise year-on-year (YoY) in revenue.

The current period included profit from the SABIC Basic Industries Corp’s (SABIC) incentive of SAR 1.2 million in 2020.

This came despite a decline in gross profit margins to 14% in 2021 from 16% in 2020.

Shareholders’ equity stood at SAR 73.3 million by the end of 2021, compared to SAR 65.5 million a year earlier.

APICO’s sales concentrated on five segments, topped by injection molding which reported revenue of SAR 39.4 million, compared to SAR 26.4 million in 2020.

Thermoforming sales revenue rose to SAR 32 million in the 12-month period, from SAR 27.7 million in 2020.

Film sales increased to SAR 27.7 million in 2021, from SAR 23.9 million a year earlier.

Blow molding revenue came in at SAR 10.6 million in 2021, up from SAR 8.9 million in 2020.

Other revenue reached SAR 7 million, compared to SAR 6.5 million in 2020.