Saudi Arabia’s 14 traded petrochemical companies have announced their financial results for 2013, with just over half seeing an increase in profits. Many reported increased sales prices and lower feedstock prices, although the performance of some was impacted by plant outages.
Leading producer SABIC’s 19 January statement to the Saudi stock exchange (Tadawul) attributed its modest profits increase to “lower cost of sales and financial charges despite lower other income.” This terse explanation played down a tough year. US shale-fueled competition has hit petchem producers elsewhere, whilst Europe’s economic malaise forced SABIC to restructure its operations there. (CONTINUED - 728 WORDS)
