GCC petchem sector profits down 25% at $ 2.54 bn in H1
Arab News | 9.7.12
SABIC reported Q2 2012 net income of SR 5.3 billion compared to SR 8.2 billion for the same quarter last year, representing a decrease of 34.6 percent and compared to the net income for the first quarter of 2012 of SR 7.3 billion, representing a decline of 27.1 percent. The decrease in net income of the quarter compared to the previous quarter was driven by lower product pricing because of continuous slowdown in global economic growth, especially in Europe and North America. The drop in production further aggravated the fall and sales volume due to scheduled maintenance activities at its fertilizers, metals and some petrochemical plants. The results came lower also because of low income reported by SAFCO and widening of losses by Saudi Kayan.