Home / Knowledge / News / Textiles / SABIC maintains outstanding levels of operations despite economic crisis
SABIC maintains outstanding levels of operations despite economic crisis
20
Jul '09
Mr. Mohamed Al-Mady, SABIC Vice Chairman and CEO
Mr. Mohamed Al-Mady, SABIC Vice Chairman and CEO
The Saudi Basic Industries Corporation (SABIC), reports its consolidated financial results for the period ended on June 30, 2009, as follows:

1. The net income for the quarter ended June 30, 2009 amounted to SR 1.8 billion, compared to the net income of SR 7.5 billion for the same quarter in 2008, a decline of 76 percent, and compared to the net loss of SR 974 million in the previous quarter ended March 31, 2009.
2. The gross profit for the quarter ended June 30, 2009 was SR 6.2 billion compared to SR 14.8 billion for the same quarter in 2008, a decline of 58 percent.
3. The income from main operations for the quarter ended June 30, 2009 was SR 4.1 billion compared to SR 12.1 billion for the same quarter in 2008, a decline of 66 percent.
4. The net income for the six months ended June 30, 2009 amounted to SR 830 million, compared to the net income of SR 14.47 billion for the same period in 2008, a decline of 94 percent.
5. The earnings per share (EPS) during the six months ended June 30, 2009 was SR 0.28 compared to EPS of SR 4.82 during the same period in 2008.
6. The gross profit for the six months ended June 30, 2009 was SR 9.84 billion compared to SR 28.64 billion for the same period in 2008, a decline of 66 percent.
7. The income from main operations for the six months ended June 30, 2009 was SR 4.46 billion compared to SR 23.03 billion for the same period in 2008, a decline of 81 percent.

The decline of the net income for the quarter ended June 30, 2009 compared to the same quarter of 2008 is due to the sharp decline in the prices of petrochemicals, plastics and metals owing to the global financial and economic crises. Corporate income remarkably improved compared to the income in the first quarter of 2009 due to improvement in prices of some products.

Mr. Mohamed Al-Mady, SABIC Vice Chairman and CEO said, “SABIC has maintained outstanding levels of operations despite the global financial and economic crises. SABIC's total production volume during the first half of 2009 reached 28.5 million tons, reflecting an increase of 1 percent, while total quantity sold reached 22.9 million tons, an increase of 2 percent over the same period last year”.

“SABIC's strong financial position, its ability to generate strong cash flows, and the continued efforts to reduce costs, optimize operational efficiencies, and maintain high utilization rates together with the new production capacities coming on-stream at YANSAB and SHARQ will have a positive impact on its performance and corporate results in the coming quarters. SABIC's investment in China with Sinopec will profitably further enhance our footprint in the fast growing Chinese market”, Al-Mady added.

SABIC


Must ReadView All

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Gujarat hopes extended textile policy to attract Rs 5000 cr

The Gujarat government feels that its recent decision to extend its...

Apparel/Garments | On 26th Sep 2017

Cash burn by e-tailers in India may double during festivals

During this year’s festival season, which has already started,...

Interviews View All

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Lynda Kelly
Suominen Corporation

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

Eric Scholler
Groz-Beckert

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Nisha Chanda
Whistling Woods International School of Fashion

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

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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