2023-07-25 10:57:25
Al-Sadoun: We expect the Chinese economy to grow in the third quarter
Dubai – Al Arabiya.net
Posted on: July 25, 2023: 01:51 PM GST Last updated: July 25, 2023: 02:57 PM GST
The CEO of the Sahara International Petrochemical Company “Sipchem”, Abdullah Al-Saadoun, said that the results of “Sipchem” were very good in the second quarter of this year, given the situation in the global markets and the stoppage of two factories representing 25% of the production quantities, and the impact on profits from the decrease in sales was more than the impact of the decline in product prices.
Al-Saadoun added, in an interview with Al-Arabiya, today, Tuesday, that there are positive aspects regarding product prices, which began to decline slightly by an average of 5% in the second quarter of 2023, compared to the first quarter of the same year, while some products began to rise, especially in June and July of this year.
The CEO expected that product prices would be better in the third and fourth quarters of 2023, given that a slight decrease was recorded in the second quarter of 2023 compared to the first quarter of the same year, following reaching the minimum level, and it is currently in a state of stability.
Abdullah Al-Saadoun said, We expect the growth of the Chinese economy in the third quarter of this year, which is what everyone is waiting for, indicating that government support exists, but the speed of its implementation affects the slowdown, and the situation is expected to change in the second half of 2023.
He pointed out that the feedstock materials decreased between 18 and 19%, which helped greatly in reducing the impact of prices and quantities.
Al-Saadoun said that stocks in Europe affect demand more than Asia and China, and in the event of an increase in demand, prices will move, as it is beginning to witness signs of a rise.
The quarterly profits of Sahara International Petrochemical Company “Sipchem” decreased by 75.2% in the second quarter of 2023, to regarding 312.9 million riyals, following zakat and tax, compared to regarding 1.263 billion riyals in the second quarter of 2022.
On a quarterly basis, Sipchem’s net profit declined by 33.5% in the second quarter of this year, compared to profits of 470.3 million riyals in the first quarter.
1690285445
#expect #prices #products #rise #reaching #minimum #level
