Advanced Petchem chairman optimistic for polypropylene demand in 2019

09/04/2019 Argaam

 

Demand for polypropylene is ‘good’ as it increases by an annual average of 4 percent, Advanced Petrochemical Co.’s (Advanced) chairman, Khalifa Al-Melhem, told Al Arabiya channel on Tuesday.

 

“Prices rise in case of factory shutdowns. However market projections are optimistic about polypropylene prices for the remainder of 2019,” Al-Melhem said.

 

Commenting on the firm’s results for the first quarter of 2019, he highlighted the company made record year-on-year (YoY) earnings since inception.

 

“Advanced cited higher profit share from SK Advanced, due to higher variance in prices between product and feedstock, which is unprecedented as the latter are usually much higher,” Al-Melhem added.

 

According to data compiled by Argaam, Advanced reported a net profit of SAR 162 million for Q1 2019, a 66.07 percent YoY jump.

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