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Saudi petrochemicals companies mostly reported improved profits for the second quarter and the first half of 2014, with better market conditions reflected in higher market capitalization for all players.
State-owned petchems giant SABIC saw profits rise 7% in the second quarter compared to the same period a year earlier with the firm’s market capitalization ending the first half 25% higher than the end-2013 figure (see table).
SABIC CEO Muhammad al-Mady sees the global outlook for petrochemicals demand as positive over the next three years, promising improved products prices. He says that US shale gas supplies are not expected to impact global petrochemicals prices significantly until 2018, leaving room for an improvement in earnings in the meantime. He noted that SABIC continues to look for potential partners in the US, where it plans to invest in a cracker to cash in on cheap shale gas feedstock (MEES, 25 April). (CONTINUED - 521 WORDS)
DATA INSIDE THIS ARTICLE
|table||Saudi Petrochemicals Company Net Profits/Losses (Sr Mn)|