Saudi SABIC and Yansab report financial results for Q1
Saudi SABIC posted a net profit of SAR5.24 billion ($1.40 billion) in Q1 of 2017, up 80% from a year earlier. The company had posted a net profit of SAR2.91 billion ($775 million) in the same period of last year.
The rise in the company’s profit was attributed to oil prices as well as the global economic growth since its products are used globally in construction, agriculture, industry and consumer goods manufacturing.
Similarly, Saudi Yansab’s net profit in Q1 of 2017 was up by 44% on a yearly basis to reach SAR608 million ($162 million) from SAR421.7 million ($112.5 million) from the same period of last year. The increase in the company’s quarterly profit was driven by a rise in the sales prices for its products as well as higher sales volume although the prices of feedstocks increased.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Muted demand in Europe paves way for plenty of PP, PE offers in Turkey
- Import PE uptrend persists in China despite bearish winds mounting in local market
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September