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Saudi Advanced Petrochemical estimates fourth quarter profit up two per cent on last year

Reuters, Wednesday 4 Jan 2012

Saudi Arabia's Advanced Petrochemical Company attributed profit growth to the slight increase in sales volumes and product prices over the fourth quarter of 2010

Saudi Arabia's Advanced Petrochemical Company estimated its fourth quarter of 2011 net profit was 91 million riyals ($27 million), a two per cent increase over the same period of 2010, it said on Wednesday.

In a statement posted on the website of the Saudi bourse, the producer attributed the result to the slight increase in sales volumes and product prices compared to the fourth quarter 2010.

However, a pronounced fall in sales and prices from the previous quarter meant the last quarter profit was down 33 per cent from the third quarter this year.

It said estimated net profit for the year 2011 was 513 million riyals, a growth of 56 per cent from the full year 2010.

Shares in Advanced Petrochemical were up 0.7 per cent at 28.60 riyals at 08:05 GMT, five minutes into trading on Wednesday.

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