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2017-10-30 11:15:00

SABIC PROFIT UP 10.7%

SABIC PROFIT UP 10.7%

REUTERS - Saudi Basic Industries Corp (SABIC), the world's fourth-biggest petrochemicals company, reported a 10.7 percent rise in third-quarter net profit on Sunday, beating analysts' estimates.

Majority state-owned SABIC made a net profit of 5.79 billion riyals ($1.54 billion) in the three months to Sept. 30, up from 5.23 billion riyals in the year-earlier period, the company said in a bourse statement.

The net profit was better than the average net profit of 4.27 billion riyals forecast by four analysts.

It was the company's biggest profit since the second quarter of 2015, as a recovery in crude prices buoyed earnings.

SABIC, the biggest company on Saudi Arabia's Tadawul stock exchange with a market capitalisation of nearly $79 billion, is 70 percent owned by the kingdom's Public Investment Fund and 5.7 percent owned directly by the government.

Its results are closely tied to oil prices and global economic growth because its products -- plastics, fertilisers and metals -- are used extensively in construction, agriculture, industry and the manufacture of consumer goods. ($1 = 3.7501 riyals)

SABIC, which aims to be the world's third-biggest petrochemicals producer, attributed the profit rise to higher average selling prices and higher sales quantities.

The company had expected this year to be positive in terms of economic growth in key markets. However, its steel unit Hadeed weighed on its results in the second quarter, when net profit fell 25 percent from the prior year.

Chief Executive Yousef al-Benyan told Reuters in May the firm is evaluating acquisition opportunities in the range of $3 billion to $6 billion in petrochemicals, speciality chemicals and fertilisers and aims to do the first such deal in the fourth quarter of this year.

SABIC's expansion is driven by the need to be closer to key markets and feedstock. Constraints in new gas supplies in Saudi Arabia are forcing petrochemical producers to look abroad for expansion.

The company is making progress towards major investment in the United States with an affiliate of U.S. Exxon Mobil. It completed its acquisition of SADAF, which had been a Saudi-based joint venture with Shell Arabia, in August.

It is also pursuing its first project with oil giant Saudi Aramco - development of an oil-to-chemicals project in Saudi Arabia which analysts see as a breakthrough in the industry.

Benyan told Reuters on the sidelines of an investment conference in Riyadh on Thursday that he hoped to complete the joint venture agreement by the end of the year.

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Earlier:

SHELL SELLS SADAF FOR $820 MLN
2017, August, 17, 15:05:00

SHELL SELLS SADAF FOR $820 MLN

Shell has completed the sale of its 50% share in SADAF, the petrochemicals joint venture, located in Al Jubail, in the Kingdom of Saudi Arabia to SABIC for $820 million. This sale was announced on 22 January 2017. Completion follows anti-trust filings in the relevant countries and regulatory approval from the Kingdom of Saudi Arabia.

 
 SABIC: GAS  LIMITING
2014, April, 21, 18:30:00

SABIC: GAS LIMITING

Saudi's SABIC says natural gas shortage limiting domestic growth

 

 

Tags: SAUDI, ARABIA, SABIC

Chronicle:

SABIC PROFIT UP 10.7%
2018, September, 24, 15:05:00

SAUDI ARAMCO WANTS +50%

ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

SABIC PROFIT UP 10.7%
2018, September, 24, 15:00:00

U.S. RIGS DOWN 2 TO 1,053

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.

SABIC PROFIT UP 10.7%
2018, September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

REUTERS - International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT. U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.

SABIC PROFIT UP 10.7%
2018, September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

BLOOMBERG - Russia's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.

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