Saudi Arabian petchem companies unveil Q4 financial results
Saudi Basic Industries Corp. (SABIC) faced a 29.4% drop in its profit for the fourth quarter. The fall pointed to the sixth consecutive quarterly decline in the company’s profits and was attributed to lower prices for the company’s products. SABIC’s net profit was reported at SR3.08 billion ($821 million) for Q4 2015, down from SR4.36 billion in the year-earlier period.
Advanced Petrochemical Co. (APC) announced net earnings of SAR 146 million for the fourth quarter of 2015, a decrease of 27% from SAR 200 million in the year-ago period. The drop stemmed from lower PP prices. The 12-month net profits of the company were also down by 5% year-on-year from SAR 751 million to SAR 713 million.
Another Saudi Arabian petrochemical producer, namely Saudi International Petrochemical Co (Sipchem) posted a drastic fall of 80.4% percent in fourth-quarter net profit at 26 million riyals ($6.9 million). The company blamed a production shutdown at a subsidiary and lower prices for all its products for the decline, according to media reports. Sipchem had revealed 132.4 million riyals profit for the same period of 2014.
Meanwhile, an affiliate of Saudi Basic Industries Corp (SABIC), Saudi Kayan Petrochemical Co. recorded a net loss in the fourth-quarter, according to an announcement from the company. It made a net loss of 624.14 million riyals ($166.3 million) in Q4 2015 with respect to a profit of 11.78 million riyals in the same period of 2014.
Saudi Arabia’s Yanbu National Petrochemical Company (Yansab), another affiliate of SABIC, reported a 36.4% drop in last quarter profits, blaming lower product prices as the reason driving its earnings down. The company obtained a net profit of SR393.1 million ($104.9 million), down from SR617.8 million in the same period of 2014.
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