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08-06-22
petrochemical sector firms jump to over USD10.4B in 2021
(MENAFN) A new report has showed that collective gaining of Saudi Arabia’s registered petrochemicals firms are anticipated to “normalize” in 2022 amid a record last year after altering market dynamics.
Growing net profits of petrochemical area firms jumped to over 39.1 billion riyals (USD10.4bn) in 2021, a rise of over 20 times from 1.9bn riyals registered two years ago, SNB Capital, the investment banking arm of the kingdom’s biggest lender, stated in a research note on Tuesday.
Developed output costs and robust market dynamics motivated the record incomes, as the international economy sustained to regain from the coronavirus epidemic, however, higher feedstock values are having a “broad-based impact on the sector" this year.
SNB Capital mentioned in the report that “The year 2021 was an extraordinary year for the sector,” adding “In 2022 [financial year], we expect the sector’s earnings to remain broadly flat year-on-year.”
MENAFN08062022000045014228ID1104341417
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