Arab Today, arab today sabic q1 profit hit by higher costs
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

SABIC Q1 profit hit by higher costs

Arab Today, arab today

Arab Today, arab today SABIC Q1 profit hit by higher costs

Beijing - Arabstoday

Saudi Basic Industries Corp (SABIC) , the world\'s biggest petrochemicals group by market value, posted a fall in first quarter earnings, sandwiched by higher input costs and a slowdown in Chinese consumption that crimped demand. SABIC\'s net profit fell 5 percent to SAR7.27bn (US$1.94bn), but this was better than analysts expected and the shares rose 3.8 percent to SAR101.75 by 0936 GMT. Analysts surveyed by Reuters estimating the chemicals, fertilisers, metals and plastics conglomerate would post profit of SAR6.74bn. \"China was growing at a higher rate (before), then there was a slowdown in its economy, also the European slowdown... and high oil prices had an impact on raw materials cost,\" CEO Mohamed al-Mady told a news conference. He said that product selling prices overall continued to be satisfactory, given the circumstances, and sounded a bullish note on coming quarters. \"Prices are still reasonable within the economic situation... we will make good results in the coming quarters if there are no jitters in Europe,\" he said. SABIC\'s profits fell sharply in the last quarter of 2011 after two successive quarters of record profits achieved on the back of surging product prices and strong global demand. Since SABIC products are used in a wide variety of industries, from car manufacture to house construction and cheap retail goods it is highly sensitive to movements in the global economy. SABIC benefits from government subsidised gas feedstock prices, which are a fraction of international prices, but was hit during the quarter by higher liquid fuel costs. Brent crude rose 14 percent during the quarter and now hovers around the US$120 per barrel mark. On average, crude prices were clearly higher year on year in the first quarter. By the end of this year SABIC plans to launch an iron plant with the production capacity of 500,000 tonnes which would help boost the firm\'s products volume, Mady said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sabic q1 profit hit by higher costs Arab Today, arab today sabic q1 profit hit by higher costs

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sabic q1 profit hit by higher costs Arab Today, arab today sabic q1 profit hit by higher costs

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday