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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
04/08/2025
Chemicals production company Saudi Basic Industries Corp. announced the distribution of interim cash dividends amounting to SR4.5 billion ($1.19 billion) for the first half of the year.
Sha
Arab News
10/07/2025
Saudi chemicals group SABIC said on Wednesday it was studying strategic options for its National Industrial Gases Company, including an initial public offering, amid a broad review of its business. <
Reuters
07/05/2025
Saudi Basic Industries Corporation (SABIC), one of the world's largest petrochemical companies, reported a net loss of 1.21 billion riyals ($322.6 million) for the first quarter of 2025, reflecting c
Asharq Al Awsat
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 52.90 | -0.55 (-1.03 |
| SABICAGRINUTRIENTS | 120.00 | 0.40 (0.33 |
| LIMEINDUSTRIES | 12.98 | 0.24 (1.88 |
| APICO | 41.00 | -1.02 (-2.43 |
| YANSAB | 31.82 | -0.44 (-1.37 |
11/08/2025
As part of its ongoing commitment to supporting youth and equipping them with the tools of the future, Gulf Bank, in collaboration with INJAZ Kuwait, organized an interactive workshop on Artificial I
Kuwait Times
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Zain Bahrain, a leading telecom and technology provider in the Kingdom, is proud to announce the launch of 'Signature', an exclusive club for its premium customers.
Signature offers a range
Trade Arabia
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Kamco Invest, a regional non-banking financial powerhouse with one of the largest AUMs in the region, announced today (August 9) the relocation of its Saudi office to King Abdullah Financial District
Trade Arabia
11/08/2025
SNB Capital, a leading regional financial institution, said it has successfully completed the SAR7.1 billion ($1.9 billion) capital increase of Acwa Power, Saudi Arabia's leading developer, investor,
Trade Arabia
11/08/2025
Abu Dhabi National Oil Company for Distribution, the retail arm of the UAE's state energy giant, is accelerating its push into Saudi Arabia, with plans to open 160 new service stations by next year,
Gulfnews
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