Home / Knowledge / News / Textiles / SABIC profit reaches SR 18.9b in first nine months of 2012
SABIC profit reaches SR 18.9b in first nine months of 2012
Oct '12
The Saudi Basic Industries Corporation (SABIC) has announced a net profit of SR 6.31 billion for Q3 2012, as against SR 8.19 billion in the same period last year, a decrease of 23 percent, and an increase of 19 percent as against SR 5.30 billion in the previous quarter.

The net profit for the nine months totaled SR 18.89 billion, as against SR 23.98 billion for the corresponding period of the previous year, a decrease of 21 percent.

Mohamed Al-Mady, SABIC Vice Chairman and CEO, said that the company continues to be stable due to its sound financial position over a sustained period of time. “We are continuing to augment our operational performance at our plants, and we have adopted different strategies to introduce cost-effective measures in our manufacturing processes. Moreover, our diversified product portfolio helps in creating new opportunities for us in global markets,” he said.
Al-Mady attributed the decrease in profits for Q3 2012 as against Q3 2011 to a drop in prices. Despite an increase in overall production and sales during the last nine months, profits have fallen as against the previous year, again due to a drop in prices.
The rise in profits in Q3 as against the previous quarter is a direct result of the initiatives taken to improve operational performance, which in turn, resulted in marked increases in production. In addition, returns from the polycarbonate technology license issued by SABIC Innovative Plastics Company to Sinopec SABIC Tianjin Petrochemicals Company (SSTPC) further augmented revenues.
Al-Mady added that despite the global economic downturn, the company was able to enhance performance and operational capacities. This has resulted in mitigating the adverse effects of economic fluctuations, which have had a negative impact on the overall performance of the petrochemicals sector.
SABIC has approached the global economic slowdown by continuing to emphasize on cost-effective strategies in its operations, and introduction of new products through its Innovative Products business unit, resulting from the innovation successes of the company’s global technology and innovation centers. “We are confident that SABIC, with our global reach, is ready and capable of facing major global challenges and trends, and in the process, bring in sound returns for our shareholders,” he said.
Al-Mady stressed that SABIC does not speculate on economic trends, but it is confident of maintaining its competitive edge, regardless of the economic circumstances, by increasing its production capacities and making constant improvements in product quality. The company will also continue to look for investment opportunities that might arise during the current fluctuations in the global economy.

Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Mark Paterson
Technical Absorbents Ltd

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

Kai Poehler
Voith Paper GmbH & Co. KG

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

Ashok Desai
Bombay Textile Research Association

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
June 2017

June 2017

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


Browse Our Archives


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