Speaking at a press conference, SABIC's Chief Executive
Announcing a seven percent increase in the second-quarter net income, Al-Mady said the company earned SR6.46 billion in the second quarter compared to SR 6.04 billion in the corresponding period last year.
The global outlook for petrochemical demand over the next three years is promising and there is room for prices to rise, Al-Mady said. He added that this year, the business outlook would remain similar to 2013, with petrochemical product prices probably staying stable.
"Forecasts suggest shale gas, a potential feedstock for petrochemicals, will only be produced in large quantities from
He pointed out that
SABIC's sales in the second quarter climbed to SR48.15 billion (
The company attributed the rise in profits to higher production and sales volumes as well as higher prices for products and income from associated companies and also due to low financial charges.
However, this was partly offset by a dip in sales volumes and an increase in feedstock costs for some products, the official said.
The company's results are closely tied to global economic growth because its products -- plastics, fertilizers and metals -- are used extensively in construction, agriculture, industry and the manufacturing of consumer goods.
Referring to the
The Saudi Kayan is engaged mainly in establishing, managing, and operating an industrial complex in Jubail Industrial City to produce ethylene, propylene, polypropylene, polyethylene, ethylene glycol, aminomethyls, dimethylformamide, choline chloride, amino ethyl, ethoxylates in addition to polycarbonate, with a total production and marketing capacity of 2.6 million tons per annum.
He added that the regional unrest will not affect the petrochemical market since the countries affected are not involved in the relevant business.
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