SABIC set to announce Q2 financial results

SABIC set to announce Q2 financial results
SABIC is seeking to become the largest petrochemical company in the world by 2030. (Reuters/File)
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Updated 03 August 2021

SABIC set to announce Q2 financial results

SABIC set to announce Q2 financial results

JEDDAH: The Saudi Basic Industries Corp. (SABIC) said that it will hold a virtual press conference to review the financial results for the second quarter of 2021 on Thursday.

Yousef Al-Benyan, SABIC vice chairman and CEO, will attend the conference.

Based on the data available on Argaam news website, analysts predict profits of SR6.4 billion ($1.7 billion) compared to SR2.2 billion losses in the second quarter of 2020.

SABIC is seeking to become the largest petrochemical company in the world by 2030. 

The petrochemical industry in the Kingdom has a significant impact as it contributes more than SR260 billion annually to the gross domestic product (GDP), representing 36 percent of the industrial GDP and more than 57 percent of non-oil exports.


Some Apple, Tesla suppliers suspend production in China amid power pinch

Some Apple, Tesla suppliers suspend production in China amid power pinch
Image: Shutterstock
Updated 14 sec ago

Some Apple, Tesla suppliers suspend production in China amid power pinch

Some Apple, Tesla suppliers suspend production in China amid power pinch
  • Concraft Holding Co Ltd, a supplier of speaker components for Apple's iPhone and which owns manufacturing plants in Suzhou city
  • Foxconn had to "adjust" a small part of its capacity there, which includes the manufacture of non-Apple notebook computers

Several Apple and Tesla suppliers have suspended production at some Chinese factories for a number of days to comply with tighter energy consumption policies, putting supply chains at risk in the peak season for electronics goods.


Two major Taiwanese chipmakers, however, said their China facilities are operating as normal.


The development comes as tight coal supplies in China and toughening emissions standards have triggered a contraction in heavy industry in several regions, dragging on the country's economic growth rate, analysts have said.


Apple supplier Unimicron Technology Corp late on Sunday said three of its China subsidiaries stopped production from midday on Sept. 26 until midnight on Sept. 30 to "comply with the local governments' electricity limiting policy".


The Taiwanese maker of printed circuit boards said it did not expect significant impact as other plants would make up production.


Eson Precision Ind Co Ltd, an affiliate of Taiwan's Hon Hai Precision Industry Co Ltd (Foxconn), in a statement said it suspended production from Sunday until Friday at facilities in the Chinese city of Kunshan.


Concraft Holding Co Ltd, a supplier of speaker components for Apple's iPhone and which owns manufacturing plants in Suzhou city, said it would suspend production for five days until noon on Thursday and use inventory to meet demand.


Chipmakers United Microelectronics Corp (UMC) and Taiwan Semiconductor Manufacturing Co Ltd told Reuters there was no impact at their China plants.


"UMC's Hejian fab in Suzhou is currently running at full capacity utilization of 80,000 plus wafers per month," said the Taiwanese firm, whose clients include Qualcomm Inc.


Two people familiar with the matter told Reuters that facilities in Kunshan of contract manufacturer Foxconn have seen a "very small" impact on production.


Foxconn had to "adjust" a small part of its capacity there, which includes the manufacture of non-Apple notebook computers, one of the people said, adding that the company has not seen any impact at other major production hubs across China.


The second person said the company had to move some of the Kunshan workers' shifts in late September to early October. Foxconn, a major Apple supplier, declined to comment. 


Citi launches Bahrain tech hub to develop its digital platforms

Citi launches Bahrain tech hub to develop its digital platforms
Image: Shutterstock
Updated 20 min 41 sec ago

Citi launches Bahrain tech hub to develop its digital platforms

Citi launches Bahrain tech hub to develop its digital platforms
  • Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years
  • Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad

Citi launched a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade.


The hub, based at Citi's Bahrain premises, was set up in partnership with Tamkeen, a government-funded labour fund, and Bahrain's Economic Development Board (EDB), which are also investing, a Citi executive said.


Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years.


The new hires will initially work on two of the bank's main platforms, Citi Velocity and Citi FX Policy, said Ala'a Saeed, Citi FX's global head of electronic platforms and distribution.


"Selecting our two flagship systems to develop out of here in Bahrain is a huge endorsement of the talent and the calibre of people that we've found here," he said.


Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad, said Tamkeen Chief Executive Hussain Mohammed Rajab, without disclosing figures. Bahrain, where Citi has operated for 50 years, has sought to market itself as a financial technology hub for the Middle East and North Africa in a bid to revive its reputation as a regional banking and business centre.


The heavily indebted state, which does not have the oil or gas resources of its Gulf neighbours, received a $10 billion bailout in 2018 from some of its Gulf allies to avoid a credit crunch.


EU gas output to jump by 25% on Turkish discovery

EU gas output to jump by 25% on Turkish discovery
Image: Shutterstock
Updated 32 min 9 sec ago

EU gas output to jump by 25% on Turkish discovery

EU gas output to jump by 25% on Turkish discovery
  • The natural gas field will provide nearly a third of Turkey’s domestic needs by 2027

The European Union will see its gas production capacity increase by 25 percent with a new Turkish discovery in the Black Sea, Bloomberg reported.

The natural gas field will provide nearly a third of Turkey’s domestic needs by 2027, Bloomberg added, citing Energy Minister Fatih Donmez.

The initial production from the new field will be 3.5 billion cubic meters of gas annually starting from 2023, Donmez told Bloomberg. 


ADNOC raises over $1.1 bn as it completes book-building for drilling unit IPO

ADNOC raises over $1.1 bn as it completes book-building for drilling unit IPO
Image: Shutterstock
Updated 30 min 21 sec ago

ADNOC raises over $1.1 bn as it completes book-building for drilling unit IPO

ADNOC raises over $1.1 bn as it completes book-building for drilling unit IPO
  • The offering was oversubscribed, with total gross demand amounting to more than $34 billion
  • ADNOC will continue to own an 84 percent majority stake in the unit

State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday.


The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement.


"Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said.


A tranche for United Arab Emirates retail investors was set at 10 percent and a tranche for local, regional, and international institutional investors at 86 percent, with the remaining 4 percent to be allocated to ADNOC employees and UAE retirees.


Listing is expected on Oct. 3, ADNOC said.


ADNOC will continue to own an 84 percent majority stake in the unit, while Baker Hughes will retain its 5 percent shareholding. Helmerich & Payne will hold 1 percent through its IPO cornerstone investment.


ADNOC increased to 11 percent of share capital the size of the IPO, it said this month, because of oversubscription. It had previously targeted a minimum stake of 7.5 percent.


The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the UAE.


ADNOC and Saudi Aramco, in neighbouring Saudi Arabia, are seeking to raise cash from outside investors as part of plans to diversify sources of income in their oil-reliant economies.


ADNOC raises over $1.1 bln as it completes book-building for drilling unit IPO

ADNOC raises over $1.1 bln as it completes book-building for drilling unit IPO
Image: Shutterstock
Updated 40 min 18 sec ago

ADNOC raises over $1.1 bln as it completes book-building for drilling unit IPO

ADNOC raises over $1.1 bln as it completes book-building for drilling unit IPO
  • The offering was oversubscribed, with total gross demand amounting to more than $34 billion
  • ADNOC will continue to own an 84 percent majority stake in the unit

State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday.


The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement.


"Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said.


A tranche for United Arab Emirates retail investors was set at 10 percent and a tranche for local, regional, and international institutional investors at 86 percent, with the remaining 4 percent to be allocated to ADNOC employees and UAE retirees.


Listing is expected on Oct. 3, ADNOC said.


ADNOC will continue to own an 84 percent majority stake in the unit, while Baker Hughes will retain its 5 percent shareholding. Helmerich & Payne will hold 1 percent through its IPO cornerstone investment.


ADNOC increased to 11 percent of share capital the size of the IPO, it said this month, because of oversubscription. It had previously targeted a minimum stake of 7.5 percent.


The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the UAE.


ADNOC and Saudi Aramco, in neighbouring Saudi Arabia, are seeking to raise cash from outside investors as part of plans to diversify sources of income in their oil-reliant economies.