Shares of Saudi Basic Industries Corporation, the world’s biggest petrochemicals group by market value, fell the most in seven months after its quarterly profit missed analyst estimates.
The company also known as Sabic reported a fourth-quarter profit of 6.16 billion Saudi riyals (Dh6.03bn), a 5.7 per cent increase from last year’s figure of 5.83bn riyals. A consensus of analyst estimates, however, had forecast the company to post a net income of 6.66bn riyals in the period ended December 31.
“Their margins were much lower, which means they were impacted by lower earnings,” said Iyad Ghulam, a research analyst at NCB Capital in Riyadh.
Sabic’s shares fell as much as 3.5 per cent yesterday during trading on the Tadawul exchange.
Sabic has been hit by lacklustre demand for petrochemicals as Europe’s economy grapples to overcome a financial crisis. Revenues at Sabic, which is cutting jobs and closing some plants in Europe, stood unchanged at 189bn riyals last year.
“We expect 2014 results to improve as there are forecasts of solid improvements in prices,” Bloomberg quoted the chief executive Mohammed Al Mady as saying in Riyadh yesterday. The company plans to expand its geographic footprint to markets in North America and China.
“We have a desire to invest in North America, as we like to participate in markets that present a challenge to us,” Mr Al Mady said. “We certainly want to invest in China as well since it has the biggest market globally.”
halsayegh@thenational.ae
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
SPECS%3A%20Polestar%203
The specs
COMPANY%20PROFILE
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The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
COMPANY%20PROFILE%20
COMPANY%20PROFILE
While you're here
The specs
How to become a Boglehead
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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
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
The%20specs
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5