FINANCIAL NEWS

GCC petchem profits down 11.9%

30 Mar 2012

(MENAFN) Global Investments House issued a report that said that profits of the GCC petrochemical companies in the fourth quarter of last year went down by 11.9 percent, year on year, hitting USD732.2 million, while profits in the same quarter of the previous year hit USD831.6 million, reported Arab News.

On country basis, UAE stood out with profitability growth of 149.2 percent followed by 11.1 percent in Qatar during 4Q11, the report said.

Net earnings of Saudi Arabia and Oman petrochemical sector dropped by 16.6 percent and 25.0 percent respectively.

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