By Assil bin Talib
Riyadh-Mubasher: SABIC’s strategies will unlikely be impacted by falling prices of oil and petrochemical products, yet they may create new opportunities, said Chief Executive Officer.
Yousef Al-Benyan told a press conference in Riyadh that despite the challenges facing the market in 2015, such as tumbling oil prices and slowdown of Chinese economy, SABIC managed to increase its output and sales by 1% and 4%, respectively.
“SABIC still has strong presence in China and their sales were not impacted by low prices,” Al-Benyan said. “China is witnessing a temporary slowdown which is always expected for all economies.”
He added that SABIC is still operating in East Asian countries, such as Vietnam, Indonesia and Malaysia, to seize the growth opportunities in such markets in the long run.
“We will continue supporting Saudi Iron and Steel Co. (Hadeed) that was one of the best companies offering dividends,” Al-Benyan said.
Saudi Arabia’s giant petrochemical producer SABIC posted a 29% decline in Q4-15 net profits to SAR 3 billion, down from SAR 4.3 billion in the prior-year period.
Translated by Abdul Maguid Aboshahla
