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Sabic costs shrink but lower sales weigh: acting CEO

RIYADH, July 28, 2016

The acting chief executive of Saudi Basic Industries Corp (Sabic) said on Thursday that its costs in the second quarter of 2016 dropped by 18 per cent from the first three months of the year.

Yousef Abdullah al-Benyan told a news conference that the firm, one of the world's largest petrochemicals groups, was helped by a restructuring programme as well as a drop in feedstock prices in Europe and China.

However, sales in the second quarter dropped 18.1 per cent from a year earlier to SR34.5 billion ($9.2 billion) as lower product prices continued to weigh on its business.

The company's performance is 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.

Sabic on Wednesday reported a 23.2 per cent slump in second-quarter net profit to SR4.74 billion ($1.26 billion), its eight successive quarterly profit decline. – Reuters
 




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