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Saudi Arabia’s 14 stock exchange listed petrochemicals companies saw net earnings rise by 62.4% in the second quarter of 2016 compared with the first quarter, yet profits for the first half of 2016 were 14.8% down on the first half of 2015.
In statements published this week and last by the Saudi Stock Exchange (Tadawul) the companies all noted weaker sales prices for their products, which are indexed against crude oil prices. Yet only one pointed to Riyadh’s January decision to hike fuel and electricity prices as a contributory factor.
Petrochemicals and industrial conglomerate Sabic attributed its first half decline in earnings mainly to lower average sales prices for its products, and in particular to a “notable” decrease in steel prices. Sabic chief executive Yusuf al-Binyan is looking to “consolidate operations” (MEES, 22 April).
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