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

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Courtesy: IVL

Textiles | On 26th Jul 2017

IVL completes PTA capacity expansion in Europe

Indorama Ventures Public Company Ltd (IVL), a global chemical...

Textiles | On 26th Jul 2017

Vietnam’s textile & garment exports cross $13bn in H1

Vietnam earned $13.... billion from textile and garment exports in...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Giorgio Mantovani
Corman S.p.A

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ritu Kumar
Label Ritu Kumar

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 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

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

Yes No

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

Yes No

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


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



X