Advanced Petrochemical Company announced estimated interim financial results for the first quarter ended March 31, 2013. For the period, the company expects net profit of SAR 118 million compared to SAR 57.1 million for the same quarter last year with an increase of 106.7% and compared to SAR 117 million for the previous quarter with an increase of 1%. Income from operation was SAR 122 million compared to SAR 60.6 million for the same quarter last year with an increase of 101.3%. Gross profit was SAR 133 million compared to SAR 69.3 million for the same quarter last year with an increase of 92%. Earnings per share were SAR 0.719 compared to SAR 0.348 for the same period last year.
The reasons for the increase in net income of first quarter of 2013 compared to first quarter of 2012 are due to increase in product prices and sales quantities.