yansab announces the first half results of 2007

Published July 19th, 2007 - 06:03 GMT

SABIC affiliate Yanbu National Petrochemical Company (YANSAB) announced a non-operating net loss of SR 9.3 million for the Q2 2007 compared to non-operating net profits of SR 37.1 million in the same period in 2006. This is primarily due to a drop in other revenues arising from investing paid capital from SR 46.6 million in Q2 2006, to nil in Q2 2007 as a result of utilizing the paid up capital for constructing YANSAB’s petrochemical complex as planned while general & administrative expenses remain virtually the same (SR 8.8 million). Loss per share amounted to less than 2 in Q2 2007 compared to Earnings per Share (EPS) of 7 halalah in Q2 2006.

Mutlaq Al-Morished, Chairman of YANSAB and SABIC Vice President, Corporate Finance said, “Work on the project is well on track. Engineering and procurement work for most units are nearing completion. We are currently focusing on construction at the site. Engineering work progress is estimated at 94% while overall project progress including engineering, procurement and construction is estimated at 68% as at end of Q2 2007. This quarter has seen a better-than-planned progress by 1%.

“The project is expected to be completed as scheduled and the plant will go live in Q2 2008.”

YANSAB is one of the world's largest petrochemical complexes with an annual capacity exceeding 4 million metric tons of petrochemical products which will boost SABIC's contributions to national development plans and strengthen the company’s competitive capabilities in global markets.


About SABIC

Saudi Basic Industries Corporation (SABIC) is one of the world’s 10 largest petrochemicals manufacturers. The company is among the world’s market leaders in the production of polyethylene, polypropylene, glycols, methanol and fertilizers as well as the fourth largest polyolefin producer.

SABIC’s profit rose to a record SR 20.3 billion (US$ 5.4 billion) in 2006, a 6 percent increase on 2005. Sales revenues for 2006 totaled SR 86.3 billion (US$ 23 billion), the highest revenues achieved by the company since its inception.  Current assets at the end of 2006 were SR 74 billion (US$ 20.3 billion).

SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals.  The company has significant research resources and has dedicated Research and Technology centers in Riyadh and Al-Jubail, Saudi Arabia; Geleen, The Netherlands, Houston, USA and Vadodara in India.  SABIC has more than 19,000 employees worldwide.

SABIC has two large production sites in Saudi Arabia – in Al-Jubail and in Yanbu – comprising 19 world-scale complexes.  Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. SABIC’s overall production has increased from 27 million metric tons in 2001 to 49.1 million metric tons in 2006.

Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.

SABIC’s other global hubs are headquartered in Singapore for Asia Pacific, with a sales office network and logistic hubs throughout the region; and in Sittard, The Netherlands for Europe.  In Europe, the company employs around 3,200 people, has a European sales offices network, logistic hubs and three petrochemical sites in Europe: at Geleen (The Netherlands), Teesside (United Kingdom) and at Gelsenkirchen (Germany). SABIC Europe produces 2.5 million metric tons per annum of polyolefins and 5.1 million metric tons of basic chemicals.

With the recently agreed acquisition of GE Plastics (deal remaining subject to applicable regulatory clearances but expected to be closed by the 3rd quarter 2007), SABIC worldwide employees will increase to 30,000 with a presence in well over 100 countries, adding high-performance plastics to the product range of SABIC.

Interbrand appoints Director for International Development

Interbrand has announced the appointment of Matthew Millard-Beer as Director for International Development.

In his new role, Matthew will take responsibility for the firm’s growth in the Middle East where he will also explore the opportunities for establishing an Interbrand operation in the region.

Matthew joins the firm from leading international communications company Fleishman-Hillard and brings extensive experience in network development and global account management.
Prior to his role as Director at Fleishman-Hillard, Matthew held senior positions at BBDO and Porter Novelli - where he notably set up and managed their Middle East and North African network.

Rune Gustafson, Chief Executive of Interbrand UK said, “The London office continues to go from strength to strength, Matthew is joining us at a time when our international work needs a leader to consolidate our position and ensure that we continue to deliver excellent, award-winning work in these key markets.”

Commenting on his appointment, Millard-Beer said:  “I am delighted to join the world’s leading brand consultancy which offers the perfect optimised blend of analytical and creative services.  This is an exciting and challenging role which highlights Interbrand’s clear commitment to creating and managing brand value in these dynamic markets”.


 


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