Home / Knowledge / News / Textiles / SABIC's Q3 profit amounts to SR 8.2 billion
SABIC's Q3 profit amounts to SR 8.2 billion
18
Oct '11
Saudi Basic Industries Corporation (SABIC) announced its financial results for the third quarter of 2011. SABIC achieved SR 8.2 billion in net profit for the 3Q2011. These are another record result in the history of the company, for this quarter ended on 30 September, 2011.

During the press conference, Mohamed Al-Mady, SABIC Vice Chairman and CEO, emphasized that SABIC has achieved positive results in the third quarter and maintained its pace of growth based on the reliability of its performance and sound operations. This has been achieved thanks to the efforts of SABIC employees and recent programs that have transformed SABIC into an integrated global company.

Al-Mady also attributed the positive results to increased production and sales, as well as to the reduced cost of funding. He also gave credit to the diversity of SABIC's markets, and its strong presence in global production hubs, especially in the markets of developing economies such as China, India and Saudi Arabia. In these markets, it has maintained its competitive position and continued to succeed and grow.

Al-Mady highlighted that the diversity of SABIC products reduce market risks considerably. SABIC produces steel, fertilizers, innovative and advanced engineering thermoplastics, polymers, and added value performance chemicals. SABIC also benefits from a stable economic situation in the Kingdom. Thanks to these and other factors, growth plans and projects are moving forward according to the company's strategy.

Al-Mady added that SABIC continues to grow and invest. It has new projects in place for the period of 2012 –2015. With regards to prospects for growth, Al-Mady pointed out that SABIC continues to expand its performance chemicals production line to manufacture a range of specialty chemicals that will drive the growth of downstream markets in Saudi Arabia and abroad. Strategic agreements have also recently been reached with several partners. This includes SABIC's agreement with Sinopec for the production of 260K tons of polycarbonate, as well as agreements with Mitsubishi Rayon, Montefibre, Exxon Mobil, Lurgi and Asahi to produce chemicals such as methacrylates, polymethyl methacrylates, carbon fiber, elastomers and sodium cyanide.

Al-Mady said: "SABIC's business is based on the reliability of high capacity operations that maintain operational safety. The company has a strong commitment to being reliable in all its operations. The challenges of the marketplace, the existing global economic volatility and operational challenges are things that SABIC takes into account and deals with accordingly”.

Al-Mady assured that the positive results for the third quarter of 2011 are a natural result of the continued growth experienced over the last two quarters of the same year. The company has continued to step up its production capacities in its different businesses. The SAUDI KAYAN petrochemical complex in Jubail Industrial City started its commercial operations in early October. Its financial results will be included within the company's consolidated results in the last quarter of 2011.


Must ReadView All

EU, Japan finalise Economic Partnership Agreement

Textiles | On 18th Dec 2017

EU, Japan finalise Economic Partnership Agreement

Building on the political agreement reached in principle during the...

WTO, ITC launch cotton portal to enhance transparency

Textiles | On 18th Dec 2017

WTO, ITC launch cotton portal to enhance transparency

The World Trade Organisation (WTO) and the International Trade Centre ...

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Interviews View All

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Urmil Arya

Sushila International, a well established textile organisation established ...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search