Chinese network Reuters Saudi dry major chemical companies have announced second-quarter earnings, reporting from the point of view of each company's performance increased differentiation. According to the second quarter results report issued by Sipchem on July 14, the company’s net profit fell by 17.7% year-on-year to RMB 136.1 million (approximately US$ 36.3 million) in the same period of last year. The profit was 164.5 million rials, which was a drop of 10% compared with the net profit of 151.6 million riyals in the first quarter of this year.
In the first half of this year, Sipchem’s net profit was SR 2877.7 million, slightly higher than the same period last year of 286.63 million riyals. According to Sipchem, scheduled shutdowns of acetic acid and carbon monoxide plants in the company's second quarter led to a drop in both output and sales, which led to a drop in profits. In addition, the price drop of most of the company's products in the second quarter was also one of the reasons for the decline in net profit.
SABIC’s performance report released on July 18 showed that its net profit fell by 35% year-on-year to 5.3 billion riyals (1.4 billion U.S. dollars) in the second quarter, a 27% drop from the first quarter; Operating margin was 12.72 billion riyals, a year-on-year decrease of 23%; operating profit was 9.43 billion rials, a year-on-year drop of 29%. According to SABIC, the reason for the sharp decline in company profits in the second quarter was the decline in product prices and the increase in raw material costs, but the company’s output and sales increased year-on-year.
Safco’s Safco company’s second-quarter net profit was 784 million riyals, which was approximately SR 790 million for the same period of last year and 785 million riyals for the first quarter of this year; Safco’s net profit for the first half of the year It fell 3% year-on-year to 1.57 billion riyals; the company earned 6.28 riyals per share, compared with 6.49 riyals during the same period last year. In the first half of the year, the company’s operating profit reached 1.46 billion rials, which was 3.6% lower than the same period of last year. The company said that some of the company’s equipment was shut down during the first half of the year, resulting in a decline in sales and profit levels.
Saudi Chemical Company (SCC) also announced its second quarter earnings report. In the second quarter, the company's net profit increased by 14% year-on-year to 8.67 million riyals (23.12 million US dollars); operating profit reached 97.4 million rials, compared with 84.2 million rials in the same period last year. In the first half of this year, SCC realized a net profit of 174.5 million rials, compared with 162 million rials in the same period of last year.
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