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Sabic still top for Gulf petrochem growth

According to a report by Global Investment House, earning of GCC petrochemical companies fell 10.2% to $3.1bn in the first quarter of 2012, compared with $3.5bn in the same period last year, Saudi Gazette has reported. However, on a quarter-on-quarter basis the earnings grew 23.9%, mainly due to stronger product prices and higher volumetric sales. Saudi Basic Industries Corp (Sabic) led the sector profitability at 65.5%, followed by Industries Qatar and Safco at 17.7% and 7.1%, respectively, the report said. Overall net income registered by the companies covered by the report was $2.96bn in the first quarter of 2012, down from $3.09bn reported in the comparable period last year.