Advanced Petrochemical plans to improve profit margin: chairman

Advanced Petrochemical Company chairman Khalifa al-Mulhim said the company plans to improve its profit margin this year, as demand for polypropylene is picking up amid lower oil prices.

Al-Mulhim told Al-Arabiya TV that Advanced Petrochemical’s second quarter net profit was the highest ever achieved and it resulted from improving overall operational efficiency at its factories, of which capacity reached 120 percent.

The company’s net profit during the first half rose three percent to SAR 333 million, or SAR 2.03 a share, according to Argaam. Second quarter profit reached SAR 243 million.

Advanced said its profit dropped 35 percent to SAR 90 million in first quarter, compared to the same period last year, according to Argaam.