Saudi Petchems Firms Report Best Profits Since Crude Price Collapse

Sabic attributes best quarterly earnings since 2014 to improved volumes and higher selling prices, whilst Aramco’s petchems JVs begin to pay back huge investments.

The 14 petrochemicals companies traded on the Saudi stock Exchange (Tadawul) reported combined net profits of SR10.79bn ($2.88bn) for the second quarter of 2018, with some of the boost attributable to strong oil prices.

State-led giant Sabic disclosed a second quarter net profit of SR6.7bn ($1.79bn), up 81% on Q2 2017, while the combined quarterly profits of the other smaller firms topped $1bn for the first time (see chart).

Sabic chief executive Yousef al-Benyan says the first half of 2018 was “very positive” whilst predicting an “equally positive” remainder of 2018. The company attributes its strong performance to higher average selling prices and increased sales volumes. (CONTINUED - 1154 WORDS)


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