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Press Dossier   News Category    Economy    Plastic manufacturer APICO posts 29% profit jump ahead of Saudi IPO

Arab News, Monday, Aug 22, 2022 | Muharram 22, 1444

Plastic manufacturer APICO posts 29% profit jump ahead of Saudi IPO

Saudi Arabia: Arabian Plastic Industrial Co., which is in the process of joining the Saudi stock exchange, has reported a 29 percent profit increase for 2021.

The Jeddah-based plastic manufacturer made SR7.8 million in profit and SR117 million worth of revenues during the year, Argaam reported.

A day earlier, APICO said it will proceed with an initial public offering of 20 percent of its capital, representing 1 million shares, on the Kingdom’s parallel Nomu market.

The book-building period will be led by Yaqeen Capital and shall start on Sept. 11 and end on Sept. 13.

Established in 1996, APICO serves customers across different sectors, including but not limited to Almarai Co., Flynas, TotalEnergies, and Nahdi Medical Co.

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