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.