|Bid||22.95 x 0|
|Ask||19.40 x 0|
|Day's Range||21.12 - 21.39|
|52 Week Range||21.12 - 21.39|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- Saudi Basic Industries Corp.’s second-quarter profit plunged to the lowest level since 2009 as demand for chemicals and plastics declined. The shares fell.Net income dropped to 2.12 billion riyals ($565 million) from 6.7 billion riyals a year ago, the biggest petrochemicals maker in the Middle East said in a statement. The average estimate of five analysts was for a profit of 3.37 billion riyals.A downturn in the global economy, including the car industry, has dented demand for plastics and chemicals, leading to a spate of profit warnings at companies such as BASF SE.“Though lower petrochemical prices have negatively affected Sabic’ second-quarter results, our operational performance remains robust," Chief Executive Officer Yousef Abdullah Al Benyan said. "Sabic remains optimistic on industry fundamentals over the long term and we continue to invest for growth."2Q sales 35.87 billion riyals vs 43.28 billionEstimate 36.77 billion (range 35.07 billion to 38 billion) (BD)2Q operating profit 4.83 billion riyals vs 10.83 billion"The new capacities in key products lines that pressured Sabic’s product prices and margins in the first half of 2019 are expected to continue to impact the company’s earnings in the second half of 2019," the company said. Sabic said there is no change to its previous outlook.The petrochemicals maker said last week it suspended talks with Clariant AG on their high-performance plastics venture a day after the Swiss company’s CEO Ernesto Occhiello unexpectedly quit. Sabic cited "current unfavorable market conditions" for halting talks and said it’s looking forward to continuing the discussions once conditions improve.Saudi Aramco, the world’s biggest oil producer, is in the process of buying a majority stake in Sabic from the kingdom’s sovereign wealth fund for $69.1 billion. The Middle East’s biggest-ever deal had been first mooted last year after the initial public offering of Aramco was postponed.Sabic shares dropped as much as 3.8% in Riyadh.(Updates with shares in last paragraph.)\--With assistance from Abeer Abu Omar.To contact the reporter on this story: Shaji Mathew in Dubai at email@example.comTo contact the editors responsible for this story: Claudia Maedler at firstname.lastname@example.org, Stefania BianchiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A prominent Chinese environmental group has called on chemicals multinationals to stop "cutting corners" by outsourcing business to Chinese suppliers that violate safety regulations after an investigation into a deadly explosion at a factory in March. In a new study, the Institute of Public and Environmental Affairs (IPE) said it had identified global chemical producers among indirect buyers of products made at the Jiangsu Tianjiayi chemical plant, at Yancheng on China's eastern coast. The IPE is a non-governmental organisation which has a close relationship with China's environment ministry.
Clariant missed fourth quarter profit and sales expectations on Wednesday due to softening demand in Asia and Europe, sending shares in the Swiss specialty chemicals maker lower. Quarterly earnings before interest, taxes, depreciation and amortisation excluding exceptional items (core EBITDA) fell 2 percent to 253 million Swiss francs (£195 million), missing the average 260 million francs in a Infront Data poll. Clariant, a quarter-owned by Saudi Arabia's Saudi Basic Industries (SABIC), proposed a higher dividend of 0.55 francs per share and confirmed its 2021 guidance for above-market growth, higher profitability and stronger cash generation.
Today we are going to look at Clariant AG (VTX:CLN) to see whether it might be an attractive investment prospect. Specifically, we'll consider its Return On Capital Employed (ROCE), since Read More...
FRANKFURT/ZURICH (Reuters) - Switzerland's Clariant (CLN.S) has begun the sale of its pigments business as part of wider a streamlining which it has said it will complete by the end of 2020, sources said. Saudi Arabia's Saudi Basic Industries (SABIC) bought a 25 percent stake in Clariant last year, ending a dispute between the Swiss company and U.S.-based activist investor White Tale which scuttled a planned merger with U.S.-based Huntsman Corp. Clariant has mandated Deutsche Bank (DBKGn.DE) to find a buyer for the pigments business, which could be valued at around 800 million Swiss Francs (£642.3 million), the sources told Reuters, adding that private equity firms were likely buyers.
Swiss chemicals group Clariant (CLN.S) elected four representatives of its Saudi anchor shareholder to its board on Tuesday as its new chief executive acknowledged rising tensions over a missing Saudi journalist could hurt its business. The vote came as Credit Suisse (CSGN.S) pulled out of an investment summit in the Middle Eastern kingdom, the latest western company to shun Saudi Arabia amidst the mystery surrounding the fate of journalist Jamal Khashoggi. Clariant, which has state-controlled Saudi Basic Industries Corp (SABIC) as its largest shareholder, said the uncertainties surrounding Saudi Arabia could hit it and rivals who operate in region.
ZURICH (Reuters) - Shareholders elected all four representatives of Saudi Basic Industries Corp (SABIC) nominated to join the board of Swiss chemicals maker Clariant (CLN.S) at its extraordinary general ...
The new chief executive of Clariant, which has Saudi Basic Industries Corp as its anchor shareholder, said rising tensions surrounding the disappearance of a Saudi Arabian journalist could hit the Swiss ...
Carl Icahn recently tried to destroy Cigna's $54 billion purchase of Express Scripts by buying shares of Cigna and pushing it to get out of the deal. Usually shares of an acquiring company fall and those of a target rise, allowing traditional merger arbitrage traders the chance to profit on their price movements as the deal nears completion. Carl Icahn recently used it to try to destroy Cigna CI 's $54 billion purchase of Express Scripts ESRX .
Patrick Jany, chief financial officer at Clariant, discusses the naming of a new Chief Executive Officer and four board members by the company's largest investor, Saudi Basic Industries Corp. He speaks ...
ZURICH/BERLIN (Reuters) - Switzerland's Clariant and new anchor shareholder Saudi Basic Industries Corp (SABIC) will merge their high-performance materials businesses and install a SABIC manager as head of the group as they strengthen their partnership. The new joint venture and governance accord announced on Tuesday mark the first concrete signs of how SABIC's arrival as a white knight in January is reshaping the speciality chemicals group that U.S. activists had targeted. The partners had agreed that SABIC would not take over Clariant but could boost the 24.99 percent stake it bought from the activists to rescue Clariant from a hostile takeover threat, Clariant Chief Executive Hariolf Kottmann told a news conference.
Saudi Basic Industries Corp has won regulatory approvals to complete its purchase of 24.99 percent of Clariant (CLN.S), the Swiss speciality chemicals maker said on Monday, clearing the way for the two companies to intensify cooperation. Delays in approvals from authorities in countries including Mexico and Brazil had forced Clariant to push back a strategic update on its tie-up with the Saudi company, known as SABIC. With those now completed, Clariant will provide an update on future collaboration "in due course".
Saudi Basic Industries Corp won approvals to complete its purchase of 24.99 percent of Clariant, the Swiss speciality chemicals maker said on Monday, clearing the way for the two companies to intensify ...