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The consolidated profits of publicly listed petrochemical companies increased by 18%
to 8.50 billion SAR at the end of the first quarter of this year, compared with 7.20 billion SAR over the same period of 2017.
The leading producer of petrochemical, fertilizer and steel products in the Middle East, the profit of the sector rose by 5% to 5.51 billion rupees, or 65% of the total
Announcements
The company's profits in the first quarter of 2018 decreased by 83% due to lower sales. [19659002].
Compared with the previous quarter, the combined profits of the sector increased 32% to Rs 6.46 billion. According to the financial statements of the companies in the sector, SABIC recorded a profit of 5.5 billion riyals at the end of the first quarter of 2018 of 5%
compared to the profits of 5.2 billion riyals realized during the year. the same period of 2017.
With the same quarter of the previous year increase the average sales prices of products and increase the quantities sold despite the launch of the company in the first quarter of this year an initiative strategic restructuring, which is the most important to increase performance efficiency and create employment opportunities. The company explained that the total cost of implementing this strategic initiative amounted to 1.1 billion riyals in the first quarter of this year, which contributed to the increase in profits, noting that the total equity after taking into account the minority interests amounted to 171.33 billion riyals, the total value of 7.06 billion RS against 5.42 billion RS for the same quarter of the year. last year increased by 31% from RS 4.49 billion in the previous quarter, an increase of 57%
YANSAB, owned 51% by SABIC, In the first quarter of this year 4 % compared to SR 608.2 million gains were made during the same period in 2017.
© Al Madina 2018
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