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Saudi Arabian Tasnee’s net profit slumps 46.5% in Q4

by ChemOrbis Editorial Team -
  • 21/01/2015 (13:58)
According to media reports, Saudi Arabia’s National Industrialization Company’s (Tasnee) net profit slumped 46.5% on the year to SAR160.7 million($42.8 million) in the fourth quarter of 2014 compared with SAR300.1 million posted in the same period of 2013. Analysts’ estimates called for an approximately SAR266.6 million net profit in a survey conducted by Reuters.

The company blamed sharply plunging crude oil prices and lower petrochemical prices for their weak quarterly financial results. However, the company’s sales remained almost steady when compared to the previous year’s figures with SAR4 billion in sales.

The chief executive of Tasnee, Mutlaq al-Morished stated that lower crude oil prices have weighed down profit margins of petrochemical producers and now it is hard to predict the direction of the market. However, Morished also commented that in the long term, the petrochemical industry would benefit from lower crude oil prices as weak crude prices would boost the global economies, as well.
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