Home / Knowledge / News / Textiles / Q2 net profits up at petrochem giant SABIC
Q2 net profits up at petrochem giant SABIC
19
Jul '10
Saudi Basic Industries Corporation (SABIC) has announced the financial results for the quarter and six months ended June 30, 2010:

• The net income for the quarter ended June 30, 2010 was SR 5.02 billion compared to the net income of SR 1.81 billion for the same quarter in 2009 representing an increase of 177%, and compared to the net income for the first quarter of 2010 of SR 5.43 billion was 8% higher than the second quarter.

• The gross operating profit for the quarter ended June 30, 2010 amounted to SR 11.85 billion compared to the same quarter in 2009 of SR 6.22 billion representing an increase of 91%.

• The income from operations for the quarter ended June 30, 2010 amounted to SR 9.14 billion compared to SR 4.08 billion for the same quarter in the preceding year. This represents an increase of 124%.

• The net income for the six months ended June 30, 2010 amounts to SR 10.45 billion compared to the net income of SR 0.83 billion for the same period in the preceding year, an increase of 1,159%

• The earnings per share for the six months ended June 30, 2010 amounted to SR 3.48 compared to SR 0.28 for the same period in 2009.

• The gross operating profit for the six months ended June 30, 2010 was SR 24.05 billion, compared to SR 9.84 billion for the same period in 2009, an increase of 144%.

• The income from operations for the six months ended June 30, 2010 was SR 18.84 billion, compared to SR 4.46 billion for the same period in 2009, an increase of 322%.

The increase in the net income for the quarter ended June 30, 2010 compared to the same quarter in 2009 is attributable to the increased production and sales volumes with the new capacity coming on-stream at SHARQ, YANSAB and the joint-venture with Sinopec in China. Additionally, the improved pricing environment for most of the products had a positive bearing on the consolidated financial performance.

The reduced profitability in the second quarter ended June 30, 2010 compared to the first quarter ended March 31, 2010 is attributable to decrease in the prices of major products, higher feedstock cost, and higher prices of raw-materials for Hadeed products.

Saudi Basic Industries Corporation (SABIC)

Must ReadView All

Apparel/Garments | On 27th Feb 2017

Myanmar sets up new committee to revise minimum wage

The Government of Myanmar has set up a new committee, replacing an...

Textiles | On 27th Feb 2017

Textile industry can boost South African economy: Minister

The textile industry is one of the most strategic platforms through...

Textiles | On 27th Feb 2017

KBR bags LBED revamp contract for LG Chem's ethylene plant

KBR, Inc has bagged a technology licensing and basic engineering...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Lynda Kelly
Suominen Corporation

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Silvia Venturini Fendi
Fendi s.r.l

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
February 2017

February 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