Saudi Basic Industries Corp, the world’s biggest petrochemicals maker, said second-quarter profit surged 61 percent because of higher prices for its products, beating analysts’ estimates.
Net income jumped to 8.1 billion riyals (Dh7.9bn) from 5.02 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement to the Saudi bourse today. The median estimate of four analysts was for 7.72 billion riyals, according to data compiled by Bloomberg. Sabic will pay a dividend of 2 riyals for the first half.
Saudi petrochemical companies have started to recover from the global financial crisis as oil prices surged and as demand from fast-growing Asian economies including China and India increased. Saudi Arabia’s annual petrochemical exports climbed 39 percent to 4.8 billion riyals in May, according to data posted on the Saudi Ports Authority website.
Second-quarter profit rose because of increased production, sales volumes and sales prices, Sabic said in a statement today.
Sabic unit Yanbu National Petrochemicals Co. reported an increase in second-quarter earnings. The Yanbu Saudi Arabia- based company, which is also known as Yansab, said net income almost doubled to 963.7 million riyals on higher product volumes and prices.
Sabic’s shares rose 0.2 percent to 104 riyals, before the results were announced, valuing the company at 312 billion riyals. The stock has lost 0.7 percent this year.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Roger Federer's 2018 record
Australian Open Champion
Rotterdam Champion
Indian Wells Runner-up
Miami Second round
Stuttgart Champion
Halle Runner-up
Wimbledon Quarter-finals
Cincinnati Runner-up
US Open Fourth round
Shanghai Semi-finals
Basel Champion
Paris Masters Semi-finals
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now