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FINANCIAL NEWS
ME Q1 petchem net profit to grow 23%
27 Mar 2011
(MENAFN) Global Research stated in a report that it estimated Middle East’s petrochemical net profit to rise 23 percent as well as a 20 percent growth in revenues in Q1, reported Emirates 24/7.
The report showed that the estimated raises in revenues and net profit were due to a 12 percent growth in production volume compared to Q4 of 2010, accompanied by a decrease in prices of related products.
Global Research also said that last year’s petrochemical Q4 sales rose to USD12.7 billion, while revenues climbed 33.4 percent compared to 2009’s Q4.
It is worth noting that despite the mentioned growths, events in Yemen, Bahrain, Libya, and Oman could lead to fluctuating oil prices which may cause another economic crisis.
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