sabic net profits fall in 2016
Sunday 19 January 2025
Last Updated : GMT 09:07:40
Egypt Today, egypt today

SABIC net profits fall in 2016

Egypt Today, egypt today

Egypt Today, egypt today SABIC net profits fall in 2016

The headquarters of Saudi Basic Industries Corp (SABIC)
Riyadh - Arab Today

Saudi petrochemical giant SABIC’s net profits fell almost 5 percent last year, in part due to lower sales prices, the firm announced Wednesday.
Petrochemical prices are influenced by trends in global crude prices, which recovered in 2016 after a fall the previous year.
SABIC, one of the world’s largest producers of petrochemicals, fertilizers, plastics and metals, is the largest publicly traded firm in the oil-rich Gulf region.
The company’s net profit drop of 4.95 percent last week compared with a sharp fall of almost 19 percent for 2015.
In a statement to the Saudi Stock Exchange, SABIC reported net profits of SR17.84 billion ($4.76 billion).
SABIC blamed “lower average sales prices” for the fall in net income for the period ending Dec. 31.
It also cited an increase in “zakat” provisions, or religious alms giving, as well as an additional impairment against its Arabian Industrial Fibres Co. affiliate.
Global crude prices have stabilized above $50 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries agreed late last year to jointly cut production.
Prices collapsed from above $100 a barrel in 2014 before rallying from around $30 at the beginning of 2016.
Saudi Arabia is the world’s biggest oil exporter but companies like SABIC reflect the direction the Kingdom aims for as it diversifies its industrial, business and investment base under reforms launched last year.

Source: Arab News

egypttoday
egypttoday

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*

sabic net profits fall in 2016 sabic net profits fall in 2016



GMT 13:19 2012 Monday ,12 March

Yehia Al-Fakharany speaks about new series

GMT 19:13 2012 Wednesday ,14 March

Gunmen kill 19, injure 8 in western Ethiopia

GMT 07:43 2012 Monday ,19 March

6 Somalis killed in Mogadishu mortar attack

GMT 06:41 2011 Friday ,05 August

Oman to build solar plant for oil recovery

GMT 00:48 2012 Saturday ,14 January

Cassano cleared to train after heart scare

GMT 07:08 2015 Tuesday ,02 June

Expedition returns to South Pacific

GMT 05:52 2013 Wednesday ,18 September

Ayoon Wa Azan (They are all against Syria)

GMT 14:29 2012 Thursday ,19 January

2012 Chevrolet Camaro ZL1

GMT 22:52 2012 Saturday ,18 February

Victoria Beckham collection launch

GMT 11:52 2011 Monday ,13 June

Barclays makes pledge on PPI compensation

GMT 08:58 2017 Saturday ,09 September

Sources deny rumors over George Wasoof’s health

GMT 18:04 2011 Wednesday ,21 September

Elie Saab Haute Launches Perfume during Paris Couture Week

GMT 18:23 2015 Sunday ,07 June

Zagato unveils monstrous Maserati

GMT 04:53 2017 Saturday ,25 March

Euro zone growth ‘surges’ to 6-year high

GMT 07:56 2012 Monday ,02 January

Makkah firms launch CSR partnership

GMT 09:28 2012 Monday ,19 November

‘Wizard of Oz’ game launched

GMT 08:27 2011 Wednesday ,01 June

Bahrain king offers dialogue to all parties

GMT 13:50 2016 Monday ,29 August

Red-hot Ariya blitzes field

GMT 09:00 2017 Monday ,23 October

'keep making money' via trade

GMT 15:01 2018 Thursday ,01 November

US-made weapons uncovered in Deir Ezzor countryside

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday