Advanced’s Q3 profit lifted by production efficiency, says CEO

Advanced Petrochemical Co.’s strong Q3 profit was mainly driven by high production efficiency at its plant, chief executive, Abdullah Mogbil Al Garawi, told Argaam on Wednesday.

“Earnings were also spurred by a 5 percent year-on-year rise in the third-quarter sales along with a 10 percent YoY jump in product prices,” he said.

In addition, Advanced’s share in the net income of its affiliate SK Advanced increased to SAR 50 million in the nine-month period, from SAR 30 million a year earlier.

Al Garawi said that the company is evaluating several expansions locally and overseas to maximize shareholder equity, adding that new deals will be duly disclosed.

The petrochemical producer’s third quarter net profit rose 10 percent YoY to SAR 208 million.