Gulf Oil and Gas accountACCOUNT

SABIC Q2 Profit Rises 7%, Matching Analysts' Estimates

Source: Reuters 7/20/2014, Location: Middle East

Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups and the Gulf's largest listed company, reported a 7 percent increase in second-quarter net income, matching analysts' forecasts.

It earned 6.46 billion riyals ($1.72 billion) in the quarter, compared to 6.04 billion riyals in the year-earlier period, SABIC said in a bourse statement.

This was in line with the average forecast of analysts polled by Reuters, who had predicted a quarterly profit of 6.42 billion riyals.

SABIC, which is 70 percent state-owned, attributed the rise in profits to higher production and sales volumes as well as higher prices for products. However, this was partly offset by a dip in sales volumes and an increase in feedstock costs for some products, the company said in a bourse filing.

The company's results are closely tied to global economic growth because its products - plastics, fertilisers and metals - are used extensively in construction, agriculture, industry and the manufacturing of consumer goods.

There had been some concern in the stock market about SABIC's earnings after two of its subsidiaries, Yanbu National Petrochemical Co and Saudi Arabian Fertilizer Co , missed analysts' second-quarter earnings forecasts earlier this month.

SABIC's first-quarter earnings dipped 1.8 percent year-on-year, as chief executive Mohamed al-Mady complained that a lack of ample natural gas supplies withinSaudi Arabia had emerged as a key constraint on growth there. Natural gas is used as a feedstock for petrochemical production.

Last year, Mady said SABIC planned to build a shale gas cracker in the United States, but he added that any investment would not be heavy in the initial stages and the company had no urgent funding needs. "Most of the shale investment will come in 2017."

Petrochemicals News in Saudi Arabia >>

United States >>  3/18/2019 - Petroteq has reported that, on March 18, 2019, oil production sales have commenced at the Asphalt Ridge facility. Two loads of 250 barrels of oil havi...
Russia >>  3/13/2019 - The polypropylene unit at ZapSibNeftekhim, a deep hydrocarbon conversion plant under construction, is 99.8% complete. Construction and installation wo...

Iran >>  3/8/2019 - The products chain of phase 13's refinery was completed by operating liquid gas production units. The director of phase 13 announced. ...
Iran >>  3/7/2019 - Construction of a 300,000-ton petrochemical project in the southwestern city of Andimeshk has started. A ceremony was held in the city in the presence...

Russia >>  2/26/2019 - Gazpromneft-Bitumen Materials, operator of the Gazprom Neft bitumens business, sold 202,000 tonnes of high-tech modified bitumen and bitumen-derivativ...
Russia >>  11/28/2014 - The Board of Directors of Gazprom Neft has reviewed information on the progress of the modernisation of the company’s oil refining facilities, and the...

Related Categories: Agents, Anti-foaming  Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Grout  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Summer Diesel  Surfactants 

Related Articles: Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Surfactants 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.