July 7, 2021 Read More →

Saudi petrochemicals rebound from sluggish second quarter in 2020

Arab News: 

Saudi petrochemicals, cement and health care companies are expected to be the stand out performers as second-quarter earning season gets underway, according to Al Rajhi Capital.

The Riyadh-based financial services company said the positive outlook was “driven by improving macro-economic conditions with a gradual uptick in local spending across most segments, and further supported by increased oil prices.”

The petrochemical sector is expected to be buoyed by higher product prices and sales volume.

Saudi petrochemical producers listed on the Tadawul stock exchange reported net profits of SR8.5 billion ($2.27 billion) in the first quarter, a 368.1 percent rebound from the SR3.2 billion losses over the same period in 2020, according to data from the financial information website Argaam.

[ Rashid Hassan ] 

More: Saudi petchems, cement and health set to outperform as Q2 earnings season kicks off

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