Sabic Q1 turnover plunges by over 50pc
Riyadh, April 25, 2009
The turnover of Saudi Basic Industries Corporation (Sabic) fell by more than half in the first quarter, while sales costs fell by 38.2 per cent, according to detailed financial statements.
The statements, published over the weekend, showed that Sabic's turnover stood at SR19.82 billion ($5.29 billion) in the three months to March 31, down from 39.98 billion riyals a year earlier.
This is the first time that Sabic, one of the world's largest petrochemical firms by market value, discloses turnover figures.
On Tuesday, the company reported its first quarterly loss since 2001, due mainly to a writedown on an acquisition and a decline in global demand which has pushed prices down.
Sabic said the volume of sales rose 5 percent compared to the first quarter of 2008. Sales costs fell to SR16.2 billion from 26.2 billion riyals a year earlier.-Reuters
More Energy, Oil & Gas Stories
- Qatari gas export revenue surges in April, oil down
- Adipec to recognise women empowerment
- New oil pipeline to Turkey soon say Kurds
- Qatar plans $46m investment in top solar group
- Bapco launches key competency project
- Sipchem picks HSBC as adviser for Sahara merger
- Sembcorp HV picks HSBC for Oman share sale
- Lukoil unit wins big gasoil supply deal in Egypt
- Investcorp buys stake in Saudi energy firm
- Bahrain’s new plan to tackle power, water