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Khalifa Al Mulhem, Chairman of Advanced Petrochemical Co.
Khalifa Al Mulhem, Chairman of Advanced Petrochemical Co., said Q4 2021 earnings were hit by higher feedstock and shipping costs, as well as losses from SK Advanced.
The South Korean subsidiary sustained losses of up to SAR 26 million, due to a rise in feedstock prices, when compared to polypropylene prices in the Asian country, Al Mulhem told Argaam in a telephone interview.
Commenting on the supply chain crisis, he expects steady or almost a decline in shipping rates after reaching a peak of SAR 45 million, hoping to see an improvement in shipping costs and supply chains.
Product prices reached $1,400 per ton in the last quarter of 2021, while feedstock prices rose nearly 25% when compared to the previous quarter.
For the company’s sales, Turkey accounted for 40%, Europe (20%), Latin America (7%), South East Asia (15%), while China had a very marginal share of sales.
On SATORP agreement, Al Mulhem explained that Advanced uses a pricing equation for SATORP supplies, taking into account shipping and export costs, to be near to global propylene prices.
The Chairman expects the company’s financial results from 2022-2025 to be impacted by the prevailing prices of propylene and polypropylene during that period.
Elsewhere, he explained that product prices decline marginally at the beginning of the year, expecting better feedstock prices to prop up the company.
Al Mulhem also expects strong performance in the first quarter of 2022, adding that it depends on feedstock costs.
Advanced reported an estimated annual net profit after Zakat and tax of SAR 815 million for 2021, up 36.8% from SAR 595.6 million in the same period last year. The fourth-quarter net profit stood at SAR 161 million, down 10% year-on-year (YoY).
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