Right on spot: Sabic profits rise 7% despite imminent shale boom

Published July 20th, 2014 - 01:55 GMT
He added that Africa was a very promising market for Sabic and the company was focusing on opening distribution centres in a number of African countries.
He added that Africa was a very promising market for Sabic and the company was focusing on opening distribution centres in a number of African countries.

Saudi Basic Industries Corp (Sabic), one of the world’s largest petrochemicals groups and the Gulf’s largest listed company, reported a 7 per cent increase in second-quarter net income on Sunday, matching analysts’ forecasts.

It earned 6.46 billion riyals (Dh6.3 billion, $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 per cent 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.


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