SABIC Profits Soar, 2H Looks 'Strong' Too
Petrochemicals giant Saudi Basic Industries Corp (SABIC) swung to a $2 billion quarterly profit and said it expects solid performance to continue in the second half of 2021, backed by healthy demand and rising oil prices.SABIC, the world's fourth-biggest petrochemicals company by sales and asset value, swung to a second-quarter profit of $2 billion (up from a $592M loss in the same period last year) beating the average forecast of $1.6B by six analysts according to Refinitiv data."Average selling prices rose by more than 10% backed by oil price increases and healthier demand.
Huge Saudi Sadara Project Signs Deals for Storage, Port Services
Saudi Arabia's Sadara Basic Services, fully owned by Sadara Chemical Co, has signed agreements covering storage facilities and port services, it said on Sunday as the firm prepares to start producing petrochemicals by the end of this year. Sadara Chemical is a $20 billion petrochemical joint venture between national oil giant Saudi Aramco and U.S. firm Dow Chemical. The partners have said the venture will go ahead on schedule despite slumping global oil and petrochemical prices. Sadara will sell some tank storage facilities to Jubail Chemical and Storage Services Co (JCSSC) at cost for around 1.76 billion riyals ($470 million), it said in a Saudi bourse statement.
SABIC Q2 Profit Rises 7% as Expected
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)
Saudi SABIC Q1 Profit Falls 1.8 % On Product Prices
Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower product prices offset rises in production and sales volumes. SABIC made a net profit of 6.44 billion riyals ($1.72 billion) between January and March compared to 6.56 billion riyals a year earlier, it said in a statement on Sunday. The result was slightly below the average forecast of analysts polled by Reuters, who had predicted a quarterly profit of 6.79 billion riyals. <ID:nL6N0N80UP> (Reporting by Mirna Sleiman; Writing by Andrew Torchia)
