The head of research at Al-Rajhi Capital, Mazen Al-Sudairy, said that the rise in petrochemical prices was relative, and we cannot say that the “jungle” has come out, as it is said.
Al-Sudairy added, in an interview with Al-Arabiya TV, that the results of the Advanced Petrochemical Company were in line with what happened in the sector, and he said, “We have seen results such as Yansab and the group.”
He pointed out that the advanced results are not surprising in light of the variable high oil prices linked to propane gas, which fell by 9% in the fourth quarter, and on an annual basis, it fell by 25%.
He pointed out that the last half was one of the worst cases of demand for petrochemicals due to the closure in China and the entry of Europe into a state of paralysis, as many factories that turned to electricity production were closed.
“Oil prices were good in 2022, and even with the return of China, demand for oil will increase and input prices will remain high,” he said.
The profits of the Saudi Advanced Petrochemical Company in 2022 decreased by 64%, to 295 million riyals, compared to 865 million riyals, in 2021.
The Advanced Petrochemical Company recorded losses in the fourth quarter of 2022, amounting to 5.9 million riyals.
