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Saudi Basic Industries Corp Exceeds Expected Profit Levels


Saudi Arabia : 27 April 2010

Saudi Basics Industries Corp is the biggest petrochemical conglomerate in the world and they have just broken records concerning analyst predictions for their overall profits this year. Their profits are also expected to increase further during the course of this year.

The company is already anticipating that this year higher steel prices and new petrochemical units will mean that their second quarter profits will be significantly higher than the $1.45 billion made in the first quarter. The Companies Chief Executive Officer said that they predict that profits will continue to rise for the rest of the year albeit at a lower rate than the initial quarterly figures announced.

This news comes as a comfort to others in the petrochemical industry who measure their potential profit levels against the markets leader, companies such as BASF and Dow Chemical were more than dismayed last year when Saudi Basic Industries Corp cited a massive loss of SR974 million for the third quarter of 2009 which placed uncertainty on sustainability for many in the industry.

However Analysts are now saying this is a very positive indicator that economic recovery is beginning to take shape and at the end of the first quarter the Petrochemical companies operating profit was SR9.71 billion and its share prices were SR1.81 compared to a minus figure of SR0.32 per share for the same period last year.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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