SABIC Q2 Profit Rises 7% as Expected

Posted by Joseph R. Fonseca
Sunday, July 20, 2014

 

Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups and the Gulf's largest listed company, reported a 7 percent rise in second-quarter net income on Sunday, matching analysts' forecasts.

It earned 6.46 billion riyals ($1.72 billion) in the quarter, compared to 6.04 billion riyals in the year-earlier period, SABIC said in a bourse statement.

SABIC, which is 70 percent state-owned, attributed the rise in profits to higher production and sales volumes as well as higher sales prices.

This was in line with the average forecast of analysts polled by Reuters, who had predicted a quarterly profit of 6.42 billion riyals.

(Reporting by Nadia Saleem; Editing by Andrew Torchia)

($1 = 3.7502 Saudi Riyals)

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

Baltic Index Rises on Greater Vessel Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by demand that is driving rates up across vessel segments.

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

Energy

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

News

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

COSCO Says Piraeus Port Sale Terms Inconsistent with Deal

COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1292 sec (8 req/sec)