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SABIC attributed the fall to planned turnarounds at certain plants which hit output
28/01/2018 10:20 AST
Saudi Basic Industries Corp 2010.SE (SABIC), the world's fourth-biggest petrochemicals company, reported an 18.6 percent drop in fourth-quarter net profit on Sunday, citing lower output and sales.
SABIC made a net profit of 3.67 billion riyals ($979 million) in the three months to Dec.31, down from 4.51 billion riyals in the year-earlier period, the company said in a bourse statement.
SABIC, which aims to be the Number 3 petrochemicals producer, attributed the fall in profit to planned turnarounds at certain plants which hit output, and also noted that 2016's quarterly profit was helped by the recognition of deferred tax assets. A turnaround is a scheduled event where an industrial plant is shut down to be revamped.
SICO Bahrain had projected a net profit of 5.34 billion riyals and NCB Capital had a forecast of 5.41 billion riyals for net profit in the fourth quarter.
The company's results are closely tied to oil prices and global economic growth because its products -- plastics, fertilisers and metals -- are used extensively in construction, agriculture, industry and the manufacturing of consumer goods.
Last week, SABIC bought a 25 percent stake in Clariant CLN.S , ending the Swiss speciality chemical group's fight with activist investors but raising further questions about its future. ($1 = 3.7498 riyals)
Reuters
28/03/2025
Sabic, a global leader in diversified chemicals, today (Martch 27) reaffirmed its advocacy for sustainable growth through innovation and collaboration at the Boao Forum for Asia (BFA)'s Annual Confer
Trade Arabia
26/02/2025
Chemical manufacturer Saudi Basic Industries Corp. posted a net profit of SR1.54 billion ($410.6 million) in 2024, rebounding from a SR2.77 billion loss the previous year, driven by improved operatio
Arab News
20/02/2025
Saudi Basic Industries Corporation (SABIC) has announced the completion of the regulatory process to sell its 20.62% shareholding in Aluminum Bahrain (Alba) to the Saudi Arabian Mining Company (Ma'ad
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 48.00 | 0.00 (0.00 |
| SABICAGRINUTRIENTS | 102.40 | -0.20 (-0.20 |
| MARBLEDESIGN | 75.30 | -0.70 (-0.93 |
| LIMEINDUSTRIES | 12.40 | -0.18 (-1.44 |
| APICO | 53.90 | 1.90 (3.65 |
28/04/2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced on Sunday the bank's financial results for the period ending 31 March, 2025.
For the first three months
Saudi Gazette
28/04/2025
stc announced its preliminary financial results for the period ending March 31, 2025, highlighting strong performance across key metrics.
Revenues for the first quarter reached SR19,210 mill
Saudi Gazette
28/04/2025
Arab Bank Group has reported solid results for the first quarter of 2025, with 7 % increase in net income after tax reaching $ 271 million, compared to $252.8 million for the same period last year.
Trade Arabia
28/04/2025
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has cemented its position as a regional leader in industrial innovation by becoming the first aluminium smelter in the Mid
Trade Arabia
26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
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