GCC petrochemicals sector profits down 25% in H1
- Middle East: Saturday, September 08 - 2012 at 01:53
Kuwait-based Global Investment House (Global) has said second-quarter profits of petrochemical companies in the GCC fell 25.8% year-on-year to $2.54bn, compared with $3.42bn in the same period last year, Arab News has reported. Performance of various petrochemical companies in the quarter witnessed decline as prices of various petrochemical products witnessed a fall in the range of 5-10%, the report said. Overall net income registered by the companies stood at $2.46bn during the period, compared with $2.96bn in the previous quarter. Sabic remained the lead contributor to the sector profitability at 57.3% followed by Industries Qatar and Safco at 23.7% and 8.5% respectively, the Global report said.
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