We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

SABIC sales growth slowed, inventories up

The value of sales by end-June ended at $10.36 billion, up 64 percent from their level in 2009.


July 21, 2010 3:18 by

Saudi Basic Industries Corp’s (SABIC) sales growth slowed during the second-quarter, while the value of its inventories surged, financial statements showed on Wednesday.

Compared to its level a year earlier, the value of SABIC’s inventories rose 33.3 percent by end-June while they were up by annual 21.3 percent by the end of March, showed the statements published on the Saudi bourse’s website.

The value of sales by end-June stood at 38.86 billion riyals ($10.36 billion), up 64 percent from their level a year earlier and 14 percent above their level in the first quarter, although their annual growth during the previous quarter topped 72 percent.

SABIC reported a 177 percent year-to-year rise in second-quarter net profit as new output came on stream. But it missed analysts’ forecasts for the period and undershot first quarter earnings of 5.43 billion as selling prices ate into margins.

(Reporting by Souhail Karam; Editing by Dinesh Nair)


Tags: , ,

Leave a Comment