Three petchem firms capture 89% of sector profits in 2013

Updated 20 May 2014
0

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.


US to formally seek extradition of Huawei executive Meng Wanzhou

Updated 9 min 19 sec ago
0

US to formally seek extradition of Huawei executive Meng Wanzhou

  • Canada’s ambassador to the US did not say when the formal extradition request will be made but the deadline for filing it is Jan. 30
  • Huawei said it has no comment on the ongoing legal proceedings

The United States has informed the Canadian government that it plans to proceed with a formal request to extradite Huawei Chief Financial Officer Meng Wanzhou on allegations violation of US sanctions against Iran, the Globe and Mail reported on Monday.
However, Canada’s ambassador to the United States David MacNaughton, in an interview, did not say when the formal extradition request will be made but the deadline for filing it is Jan. 30, according to the Globe and Mail.
Huawei said it has no comment on the ongoing legal proceedings, while the US Justice Department officials could not be immediately reached for comment. (Reporting by Rishika Chatterjee in Bengaluru, Sijia Jiang in Hong Kong and Karen Freifeld in Washington; Editing by Gopakumar Warrier)