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
19
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

Courtesy: African Development Bank

Fashion | On 24th Aug 2017

AfDB supports growth of African fashion sector

Fashionomics Africa (the economics of fashion) is an initiative of...

Textiles | On 24th Aug 2017

Pakistan's textile exports increase 2.78% in July 2017

The value of textile and garment exports from Pakistan increased by...

Courtesy: Differential Brands

Apparel/Garments | On 24th Aug 2017

DFBG sees 16% net sales rise in 2017 1st half

The net sales of Differential Brands Group Inc (DFBG), a portfolio of ...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mark Paterson
Technical Absorbents Ltd

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

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Madhu Jain
Madhu Jain

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

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

August 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
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

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
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

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
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

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
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


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