Saudi Arabia’s 14 stock-exchange listed petrochemicals firms saw net profits fall in the third quarter of 2016, by 0.1% from 3Q15 and by 2% from 2Q16. Combined net profit for the first three quarters was down 9.7% compared with the same period in 2015, because of lower market prices for most products – many linked to crude oil prices – and slower market growth, particularly in China.
Petrochemicals giant Sabic saw 3Q16 net profits down by 6.8% compared with 3Q15, but 10.1% higher than for 2Q16. While profits for the first three quarters were down 14.9% year-on-year, Sabic’s end-3Q16 market capitalization was 5.5% higher than at end-2015, boosted by an improved share price. (CONTINUED - 627 WORDS)