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Sabic slips on Q1 profit decline, Tadawul bourse rises
- Saudi Arabia: Saturday, April 20 - 2013 at 19:43
The Tadawul All-Share Index advanced 0.54% Saturday, closing at 7,098.48 points. Saudi Basic Industries Corp or Sabic fell 0.82% to finish at SR90.50, the lowest level since Jan. 1 2013. Earlier in the day, the world's biggest producer of petrochemicals (and metals) said it earned in the first three months of this year a net income of SR6.56bn ($1.78bn) compared to the net income of SR7.27bn ($1.96bn) for the same quarter of last year, representing a decrease of 10%. However, quarter-on-quarter the Q1 result represents an increase of 13%. "The year-on-year decrease in net income", said Sabic, "resulted from lower production and sales volumes due to certain planned maintenance activities in some affiliates." Sabic added, however, "the improvement in sales prices of certain products has reduced the impact." Regarding the increase in net income quarter-on-quarter, Sabic said this was due to an "improvement in sales prices of certain products, despite lower production and sales volumes due to certain planned maintenance activities in some affiliates." 102 shares advanced, while 39 stocks declined in value in Riyadh. Zamil Industrial (up 8.78% at SR38.40) gained the most after it reported an increase in net income of 67.1% year-on-year for Q1 2013, amounting to SR62.7m ($16.7m).
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Gérard Al-Fil, Financial JournalistSaturday, April 20 - 2013 at 19:43 UAE local time (GMT+4)
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