Riyadh: Saudi Basic Industries Corp (Sabic), the world's fourth-biggest petrochemicals company reported a 25 per cent decline in second-quarter net profit on Sunday, amid higher selling costs and lower sales. Sabic made a net profit of 3.71 billion riyals in the three months to June 30, down from a revised 4.96 billion riyals in the year-earlier period, the company said in a bourse statement. Aiming to be Number 3 petrochemicals producer globally, Sabic attributed the profit fall to higher cost of sales and lower sales quantities. Sabic said the company will make announcement by end of third quarter on Aramco project. Sabic, like most Saudi publicly listed firms adopted IFRS accounting standards in January this year.
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Partners Life received the second tranche of $71.5m on June 28, adding to the $68.3m injection in September last year. In May last year, Partners Group Holdings, the immediate parent of Partners Life, entered into a subscription agreement with Blackstone to invest $200m in three tranches over the next two years. Partners Life, which counts US private equity firm Blackstone as a cornerstone investor, posted a 13 per cent drop in annual profit as persistently low interest rates increased the life insurer's theoretical long-term liability, while its preferred underlying earnings measure was largely flat on the year. Customer numbers rose 15 per cent to 145,000, while in-force annual premiums were up 20 per cent to $207m. Partners Life paid $75.6m in commissions to advisers, up from $70.1m a year earlier, of which acquisition commissions were up 1.8 per cent to $58.1m and maintenance commissions climbed 31 per cent to $17.5m.
Revenues in the second quarter fell 3 per cent to 35.05bn riyals compared to 36.26bn riyals in the same quarter last year. Analysts polled by Bloomberg had forecast a profit in the second quarter ranging from 4.66bn riyals to 4.89bn riyals. Net profit in the three months ended June fell to 3.71 billion riyals (Dh3.63bn) compared 4.96bn riyals a year earlier. Sabic, one of the world's biggest petrochemical companies, said second-quarter net profit fell 25 per cent amid lower average selling prices, higher cost of sales and a net loss at its steel and iron unit. Sabic facebook/" target="_blank">shares of dropped as much as 1.16 per cent to 98.9 riyals in Riyadh.
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Partners Life annual profit down 13 per cent
Partners Life received the second tranche of $71.5m on June 28, adding to the $68.3m injection in September last year. In May last year, Partners Group Holdings, the immediate parent of Partners Life, entered into a subscription agreement with Blackstone to invest $200m in three tranches over the next two years. Partners Life, which counts US private equity firm Blackstone as a cornerstone investor, posted a 13 per cent drop in annual profit as persistently low interest rates increased the life insurer's theoretical long-term liability, while its preferred underlying earnings measure was largely flat on the year. Customer numbers rose 15 per cent to 145,000, while in-force annual premiums were up 20 per cent to $207m. Partners Life paid $75.6m in commissions to advisers, up from $70.1m a year earlier, of which acquisition commissions were up 1.8 per cent to $58.1m and maintenance commissions climbed 31 per cent to $17.5m.
Revenues in the second quarter fell 3 per cent to 35.05bn riyals compared to 36.26bn riyals in the same quarter last year. Analysts polled by Bloomberg had forecast a profit in the second quarter ranging from 4.66bn riyals to 4.89bn riyals. Net profit in the three months ended June fell to 3.71 billion riyals (Dh3.63bn) compared 4.96bn riyals a year earlier. Sabic, one of the world's biggest petrochemical companies, said second-quarter net profit fell 25 per cent amid lower average selling prices, higher cost of sales and a net loss at its steel and iron unit. Sabic facebook/" target="_blank">shares of dropped as much as 1.16 per cent to 98.9 riyals in Riyadh.
read more visit us profit
collected by :Jack Luxor
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