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SABIC dips on stagnant half-year results

: Sunday, July 20 - 2014 @ 17:27

The Saudi Arabian Tadawul All-Share Index fell by 0.51 per cent to 9,736.79 points on Sunday, July 20.

Saudi Basic Industries Corporation, better known as SABIC, closed 0.66 per cent lower at SAR115.25.

Earlier in the day, the world’s biggest producer of petrochemical products said it achieve in the first six months of 2014 a net income of SAR12.9 billion or$3.84 billion. The result represented an increase of  2.3 per cent year on year. SABIC said in a filing to the Tadawul market “The increase in net income is attributable to higher production and sales volumes, sales prices for certain products, income from associated companies and other income as well as lower financial charges.”

In the second quarter, SABIC earned SAR6.46 billion ($ 1.744 billion), up 6.95 per cent year on year and up 0.31 per cent quarter on quarter.

Gérard Al-Fil

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Sunday, July 20- 2014 @ 17:27 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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