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Saudi producers SABIC, Tasnee announce weaker results for Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 19/10/2015 (12:03)
According to media reports, Saudi Arabian petrochemical companies SABIC and Tasnee reported weaker financial results for the third quarter of this year. SABIC’s net profit fell 9.4% to SAR5.6 billion ($1.49 billion) in the July-September period from the previous quarter’s net profit of SAR6.18 billion ($1.64 billion). However, the company’s Q3 profit exceeded Reuters’ analysts’ estimates, which called for a quarterly net profit of SAR4.36 billion ($1.12 billion).

Meanwhile, Tasnee (National Industrialization Co) reported that it swung to a net loss in the third quarter. The company’s net loss stood at SAR296.3 million ($79 million) in the third quarter in comparison to a profit of SAR243.7million ($64.9 million) in the same period of 2014. Analysts had called for a net profit of SAR56.4 million ($15 million), according to a survey conducted by Reuters.

Both SABIC and Tasnee cited weaker crude oil and lower sales prices as the main reasons behind their weaker financial results.
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