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
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

Rajive Ranjan (left), Managing Director, Techno Design GmbH and Technocian Fashions, with Oliver Hein, COO, s.Oliver Group. Pic: PDS Multinational Fashions Limited

Apparel/Garments | On 2nd Dec 2021

PDSMFL (BSE:538730) to source for s.Oliver from India, Sri Lanka

India-based PDS Multinational Fashions Limited (listed on Bombay...

Pic: Sergejsbelovs | Dreamstime.com

Apparel/Garments | On 4th Dec 2021

USTR, AAFA to promote greater near-shoring of apparel production

The office of the United States Trade Representative (USTR) has...

Pic: Yilmaz Savas Kandag | Dreamstime.com

Textiles | On 4th Dec 2021

Top priority is to eliminate CAD & foreign debt: Turkey’s new FM

Turkey wants to boost investments, production and exports, and its...

Interviews View All

India-EU Summit, Representatives

India-EU Summit
Representatives

India-EU FTA will provide EU with better access to a huge & rapidly...

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Rishav Bajoria & Subham Sengupta,

Rishav Bajoria & Subham Sengupta

Launched in October 2020, the Gumti app could not have come at a more...

Rajesh Vohra,

Rajesh Vohra

A part of the Italy based multinational company Artsana Group, Chicco is...

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Manish Malhotra, Label Manish Malhotra

Manish Malhotra
Label Manish Malhotra

A multitalented designer and founder of an eponymous label, Manish...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Samant Chauhan, Label Samant Chauhan

Samant Chauhan
Label Samant Chauhan

Delhi based fashion designer, <b>Samant Chauhan</b> who mostly works on...

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

Leave your Comments


December 2021

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


Advanced Search