Saudi petrochemicals producers saw net profits rally strongly in the first quarter of 2016 versus Q4 2015, although profits were down by almost 5% on a year earlier (see table). Net Q1 profits for the kingdom’s 14 listed petchems firms totaled SR4.16bn ($1.12bn), down 4.8% on Q1 2015 but 127% up on Q4 2015, when shutdowns at a number of plants took place.
The firms ended the quarter with a combined market capitalization 4.7% below end-2015. Size is no protection from the turbulent global markets – even Sabic is looking to rejig its operations in an industry battered by low product prices and increased global competition. (CONTINUED - 572 WORDS)
