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Saudi firms Tasnee, Petrochem, and Sipchem report mixed second-quarter performances

3:26 AM MDT | July 17, 2013 | Natasha Alperowicz

More Saudi chemical firms reported their second-quarter results today. The National Industrialization Co. (Tasnee; Riyadh) says its second-quarter net profit was down 48%, to 303.1 million Saudi riyals ($80.8 million), and its operating profit was 45% lower, at SR652.9 million. The company cites lower titanium dioxide margins due to lower prices and higher manufacturing costs. Tasnee also reports lower petrochemical sales volumes.   National Petrochemical Co. (Petrochem)—the owner of Saudi Polymers, a joint venture with Chevron Phillips...

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