20 Days
Source:
الاقتصادية
Rising prices turn "advanced" from profit to loss in the second quarter
Al Magnum Petrochemical Company incurred a net loss of 98 million riyals in the second quarter of this year, compared to a profit of 82 million riyals in the same period last year. This was due to rising prices of propane and propylene, as well as increased operating costs resulting from the startup of the Polyolefins Plant in the third quarter of the previous year. Despite an 18.5% increase in revenues to 827 million riyals driven by higher sales prices, the decline in sold quantities by 12% and a 27% drop in production led to losses. The company invests in the petrochemical sector and holds a majority stake in the National Polypropylene Company.
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