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

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Arvind Saraf
Triveni Sarees

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

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Giorgio Mantovani
Corman S.p.A

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

October 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
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

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
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

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
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

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
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


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