Weak demand disrupted the income of Saudi Arabian Sabic 05/01/2024, 18:09

Saudi Basic Industries Corp.’s net profit Sabic, one of the world’s largest chemical producers, collapsed by 62% in the first quarter of 2024 as weak demand and high operating costs continued to put pressure on the petrochemical industry. writes about this Bloomberg Referring to the company’s report.

According to the Saudi company’s report published on Wednesday, its net profit in the first three months of the year was only 250 million riyals ($67 million). This is well below the average analyst estimate of 556 million riyals.

Sabic’s financial results only underscore the ongoing challenges for petrochemical giants. In addition to stagnant demand, manufacturers are also grappling with rising operating costs that are eating into their margins.

That’s why last month Sabic announced that it would close one of its divisions in the Netherlands due to unfavorable market conditions. Exxon Mobil also decided to restrict some of its operations in France.

Giants such as BASF SE and Sinopec have recently reported weak financial indicators in the chemicals segment. But Dow is still hoping for a recovery in demand soon.

Before this, US oil giants came together increase Production despite pressure on OPEC+

Formerly Shell designed Leave the London Stock Exchange.

What are you thinking?



Source: Gazeta

Popular

More from author

Prokhor Chaliapin doubted Leps’s words about a comfortable pension size 10:33

In conversation with singer Prokhor Chaliapin Teleprogramma.pro He reacted to Grigory Leps's words about a comfortable amount of pension payments. Leps said that his pension...

Scientists found a way to quickly relieve symptoms of anxiety and depression 11:18

Scientists from the University of Utah College of Social Work found that a ten-minute walk in nature reduces symptoms of depression and anxiety, improves...

The Ministry of Digital Development announced that there were no problems at airports due to the Microsoft failure 11:36

The Ministry of Digital Development has not received any reports of system failures related to problems with the operation of Microsoft programs at Russian...

The timing of the new Wey 07 crossover’s appearance in Russia has been revealed 11:10

According to the brand's press service, the Chinese concern Great Wall announced the appearance of its flagship crossover Wey 07 on the Russian market....