Better prices propped up Advanced Petchem's earnings in 2018: Chairman

Advanced Petrochemical Co. has reported positive results for 2018 due to a 3 percent rise in production and a 14 percent increase in product prices, despite a 19 percent jump in feedstock prices, Chairman Khalifa Al-Melhem told CNBC Arabia.

“Advanced also posted a 40.48 percent jump in profit share from South-Korea’s associated company, SK Advanced Co.,” Al-Melhem added.

“The company eyes high-yielding promising markets, we may consider some markets in Africa and Latin America,” he noted.

Advanced Petrochemical reported a net profit after zakat and tax of SAR 717 million for fiscal year 2018, up by 13.6 percent year-on-year (YoY), Argaam reported.