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Advanced Petrochemical gains on solid Q4 profit
- Saudi Arabia: Monday, January 07 - 2013 at 17:54
The Saudi market measure Tasi added 0.15% Monday, closing at 7,014.90. Advanced Petrochemical Co. gained 0.37% to finish at SR27.40. Earlier in the day, Advanced Petrochem said its estimated net profit during Q4 2012 reached SR117m, representing an increase of 29.1% year-on-year due to higher sales and an increase in product prices. Compared to Q3 2012, the increase of was 16.7%. However, the firm's full year net profit in 2012 fell 36% to SR512.8m. Advanced Petrochem said the reasons for the decrease in FY net income are mainly due to decline in product prices and decrease in sales which was due to the turnaround during Q2 2012.
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Gérard Al-Fil, Financial JournalistMonday, January 07 - 2013 at 17:54 UAE local time (GMT+4)
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