News - Regional

In brief

Sabic net profit $1.6 bn
SABIC, the world’s biggest petrochemical group by market value, posted second-quarter profit below analysts’ forecasts, with sales hit by weak demand in China and Europe.

Net income was SR6.04 billion ($1.61billion) for the three months to June 30, up 12 per cent compared to the same period last year.

The average forecast in a Reuters poll of 10 analysts was for Q2 earnings of SR6.4 billion. Q2 sales were SR45 billion, down 3.2 per cent on the same period last year.


Emicool announces tie-up
EMIRATES District Cooling LLC (Emicool) has announced a new strategic business partnership with Switzerland-based Aquametro AG, Europe’s smart metering company that manufactures thermal energy meters, to launch AquaCool Metering LLC.

The first-of-its-kind entity will bring world-class technology and solutions to the regional market through its highly calibrated BTU meter, an essential component for professional district cooling services which ensures reliable and accurate metering of energy consumption.


UIC H1 profit $18.6m
UNITED Industries Company (UIC), a member of the Kuwait Projects Company (Kipco) Group, posted KD5.32 million ($18.6 million) in net profit for the first half of 2013.

The figure represents an increase of 112 per cent over the same period in 2012.

UIC’s total assets came to KD235.4 million, showing an increase of 5.4 per cent.


Yanbu profit up 3.2pc
YANBU National Petrochemical Co (Yansab) said its second-quarter net profit grew 3.2 per cent on an annual basis to SR671 million ($179 million) due to lower financial charges, despite a fall in its sales.

However, while sales were lower than a year ago, they were higher than in the first quarter of this year, Yansab said in a bourse statement.

Meanwhile, another Sabic unit, Saudi Arabian Fertiliser Co (Safco), made a net profit of SR693 million in the second quarter, compared to SR784 million a year ago.