Saudi Petchems Firms Double Profits In Q2

Combined earnings from Saudi Arabia’s 14 Tadawul-listed petrochemicals companies almost doubled to SR8.42bn ($2.25bn) in the second quarter of this year compared SR4.37bn ($1.17bn) for the first quarter mainly due to higher average selling prices of products, and an increase in both production and sales volumes.

Global petchems giant Sabic saw its earnings rebound to SR6.17bn ($1.65bn) in Q2 2015, after slumping to just SR3.93bn ($1.05bn) in the previous quarter on the back of the precipitous fall in oil prices. Export prices for Saudi Arabia’s key Arab Light crude grade averaged $60.43/B in Q2, up more than $10/B on the Q1 average of $50.15/B. But Sabic’s Q2 2015 earnings were still down on the same quarter last year when they reached SR6.46bn ($1.72bn) as Arab Light crude prices averaged $106/B.


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