By: Thabet Shehata
Riyadh – Mubasher: Profits of petrochemical companies listed on the Saudi Stock Exchange (Tadawul) retreated during the second quarter of the fiscal year 2016 by 19.7% to SAR 6.76 billion ($1.80 billion), versus SAR 8.42 billion ($2.25 billion) in Q2-15.
In the first half of 2016, net profits of Saudi petrochemical firms declined by 14.76% to SAR 11 billion from SAR 12.8 billion posted for the same period of 2015.
The companies’ total operating profit fell in Q2-16 by 22.01% to SAR 10.10 billion, compared to SAR 12.95 billion in Q2-15.
Operating profit also slid 18.6% year-on-year in H1-16 to SAR 16.9 billion from SAR 20.8 billion.
The lion's share of the profits went to Saudi Basic Industries Corporation (SABIC),whose profits declined in Q2-16 by 23.2% to SAR 4.74 billion (and represented 70.11% of the sector’s total profit) and fell in H1-16 by 19.5% to SAR 10.11 billion (74.59% of total profit).
Yanbu National Petrochemicals (Yansab) came second with a net profit of SAR 689 million posted for Q2-16 and SAR 1.09 billion for H1-16.
The third place went to Saudi Arabian Fertiliser Company (Safco), which reported a net profit of SAR 299 million for Q2-16 and SAR 585 million for H1-15.
Saudi International Petrochemical (Sipchem) came in last with a net profit of SAR 26 million for Q2-16 and SAR 77 million for H1-16.
Meanwhile, Nama Chemicals Group widened its losses by 130% in H1-16, and Methanol Chemicals Company (Chemanol) trimmed its losses by 83.6% for Q2-16 and 5% for H1-16.
Translated by: Elwy el-Manzalawy
