Three petchem firms capture 89% of sector profits in 2013

Updated 20 May 2014
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Three petchem firms capture 89% of sector profits in 2013

Profits of the listed petrochemical firms grew by 3 percent by the end of 2013 to reach SR34.77 billion compared to SR33.9 billion in 2012, according to a financial report.
Three out of 14 listed firms captured 89 percent of sector profits in 2013. Saudi Basic Industries Corp. (SABIC) alone contributed 72 percent of the sector overall profits or 24 percent of all listed companies, the report prepared by Al-Eqtesadiah daily, said.
Shares of Saudi Arabian Fertilizer Company (SAFCO) and Yanbu National Petrochemical Company (Yansab) stood at 9 percent and 8 percent, respectively, the report said.
Profits of petrochemical sector represented 34 percent of the profits of the listed companies, which reached SR103 billion in 2013 compared to 35 percent in 2012 (SR96.6 billion), the report said.
Meanwhile, profits of Q4, 2013 of the sector grew by 27 percent to reach SR9.8 billion compared to SR7.7 billion in Q4, 2012, which was the highest since Q3 of 2011 (SR11.2 billion), according to the report.
Nine firms have positively contributed to the profit growth of the sector in 2013 while the position of the remaining five firms was negative, the report said.
SABIC came top of the positive players in profits growth of the petrochemical sector at 52 percent where its profits grew by 2 percent to SR25.2 billion in 2013 compared to SR24.8 billion in 2012, followed by Saudi Kayan Petrochemical Company (Saudi Kayan) at 49 percent as its losses dropped by 55 percent to SR346 million in 2013 compared to SR772 million in 2012, Petrochem at 46 percent where the company curtailed losses by 86 percent to SR66 million compared to SR464 million in 2012, the report said.
On the other hand, Sahara Petrochemicals increased its profits by 183 percent to SR579 million in 2013 compared to SR204 million in 2012. Five other companies have positively contributed to the profit growth of the sector - Advanced, Yansab, Saudi Group, Luann and Spechem at 26 percent, 23 percent, 20 percent, 7 percent and 2 percent, respectively, the report added.
In the meantime, profits of Safco dropped by 18 percent in 2013 to SR3.2 billion compared to SR3.9 billion in 2012. Likewise, profits of Tasnee shrank by 33 percent to SR1.2 billion compared to SR1.8 billion in 2012, and PetroRabigh has its profits dropped by 27 percent to SR359 million compared to SR489 million in 2012, the report said.


OFW remittances from the UAE, Saudi Arabia and Qatar fall

Updated 2 min 25 sec ago
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OFW remittances from the UAE, Saudi Arabia and Qatar fall

  • ‘The countries that contributed to the decline in August 2018 are the United Arab Emirates, Saudi Arabia and Qatar’
  • The three Gulf countries, together with the US, Singapore, Japan, UK, Canada, Germany and Hong Kong, make up to 79 percent of the total remittances regularly sent to the Philippines

DUBAI: The repatriation of Overseas Filipino Workers (OFW) from Middle East countries – where a major portion of remittances originate – contributed to a decline in money sent to the Philippines in August this year, government data said.
“The countries that contributed to the decline in August 2018 are the United Arab Emirates, Saudi Arabia and Qatar,” the Bangko Sentral ng Pilipinas (BSP) said on Monday. The three Gulf countries – together with the US, Singapore, Japan, UK, Canada, Germany and Hong Kong – make up to 79 percent of the total cash remittances regularly sent to the country.
The Philippine central monetary authority reported that cash remittances from overseas Filipinos dipped 0.9 percent to $2.476 billion in August, from $2.499 billion sent during the same month in 2017. Around 10 million Filipinos work overseas and usually are the breadwinners of families back home, providing for most of household budgets and contributing nearly 70 percent of overall national output.
Cash sent from the UAE by Filipinos fell by 36.4 percent to $175.02 million in August, from $275.31 million of the same month last year, while cash remittances from Saudi Arabia went down 20.7 percent to $180.9 million from $228.15 million while Qatar-based OFWs meanwhile sent $68.85 million during the same month, 35.3 percent less than the $106.47 million remitted in August 2017. Among other Gulf countries, remittances from Kuwait slipped 17.4% to $61.3 million from $74.05 million; it was down 37.3 percent in Oman to $17.71 million from $28.24 million previously, but was up 3.4 percent in Bahrain to $19.494 million from $18.85 million a year earlier.
For the eight-month period to August, OFW cash remittances rose 2.5 percent to 19.06 billion, from $18.6 billion during the same period last year. Those sent by land-based OFWs increased by 2.1 percent to $15.05 billion while cash remittances of sea-based overseas Filipinos went up 3.8 percent to $4.01 billion as of August.
In the UAE, the Philippine government recently conducted its sixth mass repatriation of Filipino nationals – mostly victims of illegal recruitment – to take advantage of the three-month amnesty program implemented by the Gulf country. Overstaying expatriate workers who wanted to leave the UAE for their home countries were allowed to exit without the payment of fines or jail terms. So far, 1,842 OFWs have been repatriated from the UAE and the number may further increase before amnesty program ends on October 31.
The Philippines earlier this year also repatriated Filipino workers from Kuwait, triggered by the death of a household service worker whose body was found stuffed in a freezer inside an abandoned apartment, as well as imposed a deployment ban after an ensuing diplomatic row over the protection migrant workers in the Gulf state. The dispute was resolved after an agreement signed in May between the two countries offered better protection for expatriate Filipinos, especially those working as housemaids.