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- Saudi riyal symbol: strategic step toward global financial standing
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14/05/2017 07:38 AST
Saudi-based Advanced Petrochemical Company (APPC) has reported a eight per cent growth in its revenue for the first quarter to SR526.2 million ($140.2 million) compared to the same period last year despite a shutdown of eight days, said a report.
This was mainly because the product price was up around 20 per cent y-o-y, stated Saudi-based broker Al Rajhi Capital in its review.
However, the company has posted a net profit of SR124.4 million, lower than consensus (SR164 million) and the estimates of (SR159 million), it added.
Reported operating income and bottom-line came below Al Rajhi Capital estimates on account of lower-than-expected equity income from SK Advanced and higher than expected operating expense and operating leverage.
Given upward revision of prior period gross profits, some costs above the gross profit level could have been categorized to below gross level post migration to IFRS, a similar pattern observed with most of the companies in the sector in Q1, stated the Saudi brokerage in its review.
"On the whole, downward revision to prior net profits (these changes being non-cash) and lower than expected net profit in Q1 is unlikely to change our valuation of APPC materially," it added.
Trade Arabia
19/01/2016
Kuwait's Petrochemicals Industries Company (PIC) has agreed to buy a 25 percent equity stake in a venture owned by South Korea's SK Gas Co Ltd and Saudi Advanced Petrochemical Co, shareholders of the
Reuters
26/05/2015
The Board of Directors of Advanced Petrochemical Company in their meeting held on May 26th 2015 reviewed the financial and operational performance of the Company and has recommended to distribute div
Tadawul
24/03/2015
Saudi Arabia's Advanced Petrochemical said on Monday it had restarted production at its propylene and polypropylene plants after scheduled maintenance.
Full operational capacity at the two
Reuters
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| SABIC | 62.50 | 0.00 (0.00 |
| MAADEN | 45.50 | 1.05 (2.36 |
| SABICAGRINUTRIENTS | 109.80 | -0.80 (-0.73 |
| MARBLEDESIGN | 77.00 | -2.00 (-2.54 |
| LIMEINDUSTRIES | 12.80 | -0.10 (-0.78 |
10/03/2025
Doha Bank introduced a suite of exclusive offers for NRIs on their Visa Platinum Debit Card, delivering exceptional value across travel, lifestyle, dining, and retail. These carefully curated benefit
The Peninsula
10/03/2025
Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).
This achievement make
Saudi Gazette
10/03/2025
Saudi Aramco has lowered its crude oil prices for Asian buyers in April, marking the first reduction in three months. This price cut aligns with market expectations and follows the decision by OPEC+
Arab News
09/03/2025
United Development Company (UDC), the master developer of The Pearl and Gewan Islands, has continued its global track record of accomplishments by securing three new Guinness World Records. This rema
The Peninsula
07/03/2025
Talabat Kuwait has denied rumors of a security breach, assuring customers and partners that all personal and payment information remains fully secure.
In an official statement, Bader Al-Ghan
Trade Arabia
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia