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SABIC Announces SR 4.2 Billion Profits in First Quarter of 2006

Source: www.gulfoilandgas.com 4/19/2006, Location: Middle East

Saudi Basic Industries Corporation (SABIC) reported first quarter profits of SR4.2 billion, a decrease of 17% compared to the same period in 2005 and a decrease of 7% less than the profits in the last quarter of 2005. SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady said: "The company's sales during the 1Q2006 rose to SR 9.4 million metric tons, an increase of 14% over the sales in the same period last year. The decrease in profits is attributed to the decrease in the global prices of products by 10% in parallel with the rise of the cost of sales and the rise of prices of some manufacturing feedstock including liquid gas and iron ore".

"I expect that the prices of some products will see a relative improvement which will positively impact our corporate performance during the remaining period of this year".

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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