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RIYADH: Saudi Basic Industries Corp. has announced the start of pre-commissioning activities at its China plant in partnership with China Petroleum & Chemical Corp., Sinopec. The previously announced 50-50 joint venture aims to form a $1.7-billion polycarbonate complex in Tianjin, according to a bourse statement. Today, SABIC said the project’s pre-operational activities have
RIYADH: Chemical major Saudi Basic Industries Corp.’s financial results for the first quarter were unprecedented, but cost pressures are expected to weigh on earnings for the rest of the year, CEO Yousef Al-Benyan said. The company earlier today announced a 33 percent surge in profits for the first quarter, buoyed by 40-percent growth in sales to SR53 billion ($14 billion).
RIYADH: Shares of the Saudi Basic Industries Corp. went down on Thursday after the chemical giant’s CEO revealed concerns about the outlook for chemicals' demand amid rising inflation. The Riyadh-based company saw its share price drop by 0.5 percent to SR122.4 ($32.6) as of 12:46 p.m. Saudi time, hours after it announced a surge in first-quarter profit. Despite a 33 percent