Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals company, reported a 3.8 per cent increase in second-quarter profit as revenue rose on higher average selling prices and volumes.
Net profit after zakat and tax for the three months to the end of June increased to 7.93 billion Saudi riyals ($2.1bn), from 7.64bn riyals in the same period last year, Sabic said in a statement to the Tadawul stock exchange, where its shares are traded.
Revenue during the period rose 32 per cent year-on-year to nearly 56bn riyals.
"The second quarter strong financial results demonstrates Sbic’s robust operational performance across the different segments," Yousef Al-Benyan, Sabic's vice chairman and chief executive, said.
Sabic attributed the increase in net income to higher selling prices and sales, despite increases in feedstock costs and higher selling and distribution expenses.
This year’s rise in oil prices has increased the costs of petrochemical feedstocks, which are produced from a derivative of crude.
Brent, the global benchmark for two thirds of the world's oil, is up more than 23 per cent since the start of this year, after falling from a recent peak of $123 per barrel.
Higher income from Sabic's associates and joint ventures also contributed to overall revenue growth.
Riyadh-based Sabic is majority-owned by the world’s largest oil-exporting company, Saudi Aramco, which acquired a 70 per cent stake in the company in June 2020 for $69bn.
Average sales prices in the second quarter of 2022 increased by 3 per cent compared with the first quarter of 2022, Sabic said. Sales volumes also increased by 3 per cent during the quarterly period.
The company's earnings before interest, taxes, depreciation and amortisation (Ebitda) reached 13.28bn riyals, in the second quarter, a 3 per cent annual decrease and a 4 per cent increase quarter-on-quarter.
Sabic's free cash flow during the second quarter rose4 per cent yearly to 6.07bn riyals.
Net profit for the first six months of the year rose 15 per cent year-on-year to 14.4bn riyals, as revenue for the period increased 36 per cent to 108.6bn riyals.
For the January to June period, sales volumes increased by 10 per cent compared with the first six months of 2021.
Looking ahead to the second half of this year, Sabic expects its margins to be under pressure due to a slowdown in global economic growth, lockdowns in China, conflict in Europe and continued supply chain challenges, it said.
The International Monetary Fund in July lowered its growth forecast for the global economy for the second time this year, citing Russia's war in Ukraine that has exacerbated inflationary pressures and derailed the momentum of the recovery from the Covid-19 pandemic, and a slowdown in China.
The IMF now expects global growth of 3.2 per cent in 2022 and 2.9 per cent in 2023, revised down 0.4 and 0.7 percentage points from its April forecasts, respectively. There was 6.1 per cent growth last year.
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Killing of Qassem Suleimani
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
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Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
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1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
Read more about the coronavirus
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
WORLD CUP SQUAD
Dimuth Karunaratne (Captain), Angelo Mathews, Avishka Fernando, Lahiru Thirimanne, Kusal Mendis (wk), Kusal Perera (wk), Dhananjaya de Silva, Thisara Perera, Isuru Udana, Jeffrey Vandersay, Jeevan Mendis, Milinda Siriwardana, Lasith Malinga, Suranga Lakmal, Nuwan Pradeep
Jetour T1 specs
Engine: 2-litre turbocharged
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
Results
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
