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

US commerce department finds dumping of low melt PSF

Textiles | On 20th Jun 2018

US commerce department finds dumping of low melt PSF

The US department of commerce (USDC) has announced affirmative final...

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Silvia Venturini Fendi
Fendi s.r.l

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

Vaanee Bhatia
Gritstones Clothing

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

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search