Shares of Saudi Basic Industries Corporation, the world’s biggest petrochemicals group by market value, fell the most in seven months after its quarterly profit missed analyst estimates.
The company also known as Sabic reported a fourth-quarter profit of 6.16 billion Saudi riyals (Dh6.03bn), a 5.7 per cent increase from last year’s figure of 5.83bn riyals. A consensus of analyst estimates, however, had forecast the company to post a net income of 6.66bn riyals in the period ended December 31.
“Their margins were much lower, which means they were impacted by lower earnings,” said Iyad Ghulam, a research analyst at NCB Capital in Riyadh.
Sabic’s shares fell as much as 3.5 per cent yesterday during trading on the Tadawul exchange.
Sabic has been hit by lacklustre demand for petrochemicals as Europe’s economy grapples to overcome a financial crisis. Revenues at Sabic, which is cutting jobs and closing some plants in Europe, stood unchanged at 189bn riyals last year.
“We expect 2014 results to improve as there are forecasts of solid improvements in prices,” Bloomberg quoted the chief executive Mohammed Al Mady as saying in Riyadh yesterday. The company plans to expand its geographic footprint to markets in North America and China.
“We have a desire to invest in North America, as we like to participate in markets that present a challenge to us,” Mr Al Mady said. “We certainly want to invest in China as well since it has the biggest market globally.”
halsayegh@thenational.ae
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
Killing of Qassem Suleimani
Killing of Qassem Suleimani
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
Messi at the Copa America
2007 – lost 3-0 to Brazil in the final
2011 – lost to Uruguay on penalties in the quarter-finals
2015 – lost to Chile on penalties in the final
2016 – lost to Chile on penalties in the final
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.