Home / Knowledge / News / Textiles / Despite adverse conditions SABIC posts increase in net profits
Despite adverse conditions SABIC posts increase in net profits
21
Oct '08
The Saudi Basic Industries Corporation (SABIC) has reported net preliminary consolidated profits of SAR 21.71 billion for the first nine months of 2008, an increase of 8 percent, compared to the SAR 20.16 billion net profit in the same period last year.

Profit per share is SAR 7.24 compared to SAR 6.72 in the same period last year (based on the number of existing shares of 3 billion), an increase of 8 percent.

SABIC has also reported consolidated preliminary operating profits of SAR 35.58 billion for the third quarter (3Q) of 2008, compared to SAR 29.64 billion in the same period last year, an increase of 20 percent over the 3Q-2007.

This increase is due to an improvement in the prices of most key products in line with an increase of volume of productivity and sales by 4 percent and 3 percent respectively. 3Q2008 reported net profits of SAR 7.24 billion compared to SAR 7.39 billion for the same quarter last year, a decrease of 2 percent.

SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady said: “There is no impact on SABIC's financial operations as a result of the existing financial crisis.

Loans necessary to finance projects buildup and existing expansions have been completed in ample time prior to the start of the current crisis. However, the expected global recession may lead to a decline in demand for products in most of the international markets.”

SABIC

Must ReadView All

Courtesy: Messe Frankfurt

Textiles | On 24th Mar 2017

Over 3341 exhibitors participate in Intertextile Shanghai

More than 3,341 exhibitors from 26 countries and regions participated ...

Courtesy: Bebe

Apparel/Garments | On 24th Mar 2017

Bebe Stores exploring strategic alternatives

Bebe Stores has announced that its board of directors is exploring...

Apparel/Garments | On 24th Mar 2017

Tiruppur garment cluster hopeful of meeting export target

The Tirupur garment cluster is hopeful of meeting its target of...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

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

Mark Paterson
Technical Absorbents Ltd

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silvia Venturini Fendi
Fendi s.r.l

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

news category


Related Categories:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search