Riyadh – Petrochemicals manufacturer Sabic’s Q2 2015 net profit was recorded at SAR 6.17bn ($1.6bn) - a marginal decrease of 4.49% against the SAR 6.46bn reported in the same quarter in 2014.
At a press conference, Sabic’s vice chairman and ceo Yousef Al-Benyan said the company had taken appropriate steps to limit the drop in revenue and is “capable of weathering the challenges, however difficult they may be.”
Al-Benyan said that although the market for fertilisers and metals was under pressure, Sabic had been successful in limiting the decline in revenue. He said the US and China were seeing strong GDP growth while the African market is also showing promise.
As the company's financial results were released, it also emerged that it is collaborating with University College London's Chemical Engineering & EPSRC Centre for Nature Inspired Engineering to explore novel catalytic materials for the oxidation of propylene. The project will centre on synthesis, characterisation, and catalytic testing of novel heterogeneous catalysts for the oxidation of propylene.
XE Currency conversion: 11 August, 2015 1 US$ = 3.74996 SAR