Advanced Petrochemical Co. is pursuing expansions in new markets, despite cutting sales in China and Turkey due to a slump in prices, chief executive Abdullah Al-Garawi told Argaam.
“We are currently studying some investment opportunities, and we will take a decision only on the value-added ones,” Al-Garawi noted.
Advanced reported a net profit of SAR 98 million in the first quarter, down 21 percent year-on-year (YoY). The Saudi-listed firm attributed the decline to lower sales quantities and higher prices of propane and outsourced propylene.
However, the Q1 figures were “better-than-expected,” despite regular maintenance at its propylene and polypropylene plants, Al-Garawi said.
Both plants have restarted operations at utilization rates of 110 percent and 130 percent respectively, following the scheduled maintenance, which is carried out every three years.
On a separate note, Al-Garawi said he expects polypropylene prices in Saudi Arabia to remain flat in the second quarter of 2018.
Meanwhile, feedstock prices are anticipated to decline gradually in Q2, in line with market conditions and seasonal factors.
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