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Barnama
20-05-2025
- Business
- Barnama
PCG Demonstrates Resilience On Strength Of Diversified Portfolio
KUALA LUMPUR, May 20 (Bernama) -- PETRONAS Chemicals Group Berhad (PCG or the Group), today announced its financial results for the first quarter (1Q 2025) in the financial year ending 31 December 2025, against the backdrop of an increasingly challenging chemicals market. The Group sustained its operational performance with plant utilisation rate of 94% in 1Q 2025, comparable against 4Q 2024. Revenue grew 3% quarter-on-quarter to RM7.7 billion driven by higher average prices of urea, methanol, and polyethylene as well as improved sales performance in the specialties segment. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 26% to RM892 million, supported by better spreads for urea, methanol, methyl tert-butyl ether (MTBE) and olefin derivatives, coupled with reduced operational costs. However, Profit After Tax (PAT) declined to RM18 million from RM539 million in the previous quarter, largely due to unfavourable foreign exchange movement.
Yahoo
06-05-2025
- Business
- Yahoo
Saudi Basic Industries Corp (SAU:2010) Q1 2025 Earnings Call Highlights: Resilience Amidst ...
Q : What are the expected savings from the initiatives implemented in the first quarter, and what is the timeline for capturing these savings? A : Salah Al-Hareky, Executive Vice President for Corporate Finance, explained that the restructuring and transformation initiatives launched in 2024 are progressing well. The manpower optimization resulted in a one-time cost of $300 million, with expected annual savings of $92 million. More detailed information on portfolio optimization will be provided in the second and third quarters of 2025. The company faces uncertainty in the global supply chain due to trade wars, which could impact future operations. SABIC's Shanghai plant was certified as a model green factory, and the Nansha plant achieved 100% green electricity usage, underscoring its commitment to sustainability. The SABIC Fujian Petrochemical Complex in China and the MTBE project in Saudi Arabia are progressing well, indicating successful project management and expansion efforts. The company won six Edison Awards, highlighting its dedication to innovation in Material Science, Green Energy Transition, and Clean Water, Food & Agriculture. For the complete transcript of the earnings call, please refer to the full earnings call transcript. Story Continues Q: How has the trade war impacted SABIC's volumes and demand, and what are the expansion plans in Saudi Arabia? A: Abdul Rahman Al Fageeh, CEO, stated that there have been no major interruptions to SABIC's supply chain due to trade wars. The Fujian Petrochemical Complex in China is progressing well, and expansions in Saudi Arabia, such as the MTBE project, are on track. Future expansions will be communicated as developments occur. Q: With elevated tariffs between the US and China, is there potential for a shift in Chinese demand from the US to Saudi Arabia? A: Abdul Rahman Al Fageeh noted that while there is uncertainty in global supply chains, SABIC has not experienced interruptions. The company is assessing opportunities to optimize supply chains and maintain reliable customer delivery. Q: How is SABIC planning to streamline its global footprint, considering growth in China and potential growth in Saudi Arabia? A: Salah Al-Hareky emphasized the focus on cost reduction and margin improvement. SABIC is repositioning its business in Europe and America and will provide more details in the second and third quarters. The company is also evaluating non-core assets for potential divestment to enhance shareholder returns. Q: What is the impact of the restructuring on SABIC's financial performance, and how does it align with the company's strategic goals? A: Salah Al-Hareky highlighted that the restructuring and manpower optimization are part of SABIC's broader transformation agenda, aimed at lowering costs and enhancing future returns. The initiatives reflect a disciplined approach to capital allocation and cost management, supporting long-term value creation. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Bloomberg
06-05-2025
- Business
- Bloomberg
Chinese Chemical Plants Shut as Tariffs Boost Costs, ICIS Says
Some Chinese producers of a chemical used to improve the quality of gasoline have suspended operations as the trade war with Washington raises the cost of feedstock supplied from the US. Shandong Lushenfa Chemical Co., Anqing Taiheng Chemical Technology Co. and Anqing Taifa Energy Technology Co. halted processing last month, according to price-reporting and analytics firm ICIS. The companies make methyl tert-butyl ether, or MTBE, which is derived from liquefied petroleum gases.
05-05-2025
- Business
SABIC's growth projects progressing as planned: CEO
Saudi Basic Industries Corporation's (SABIC) growth projects are progressing according to plan, according to CEO Abdulrahman Al-Fageeh. The projects include the Petrokemya Methyl Tertiary-Butyl Ether (MTBE) plant in Jubail and the SABIC Fujian petrochemical complex in China's Fujian province. Additionally, SABIC commissioned the Ibn Zahr LTRS-1 project, which aims to enhance feedstock utilisation and reduce the carbon footprint, Al-Fageeh said in the company's first quarter 2025 financial statement. The CEO ruled out tariffs' negative impact on global demand and customer preference for its product portfolio, Aragaam, an Arabic financial portal, reported. (Editing by Anoop Menon) (
Yahoo
01-03-2025
- Politics
- Yahoo
News Journal archives week of March 2: students honor shooting victims, gas price $1.67
'Pages of history' features excerpts from The News Journal archives including the Wilmington Morning News and the Evening Journal. See the archives at March 2, 2018, The News Journal Enough, Delaware high school students are saying this month as they organize simultaneous school walkouts to take place at 10 a.m. March 14. Enough to gun violence. Enough to assault weapons. And enough to school shootings like the one that killed 17 people in Parkland, Florida Feb. 14. 'It's our turn to take a stand and change our community,' said Ellen Schlecht, a sophomore at Wilmington's Ursuline Academy. 'Change the way people view us as teenagers. Change the way people see the guns in our world. Change the gun laws within our cities, states and country. But most importantly, we are making sure this never happens again.' Schlecht and students at close to 20 Delaware schools are organizing student walkouts for the one-month anniversary of the Stoneman Douglas High School shooting. ... They will be part of a national movement. At 10 a.m. in every time zone, organizers are encouraging teachers, students, administrators, parents and allies to walk out for 17 minutes – one minute for every person killed. ... March 3, 2004, The News Journal In the last three months, prices have climbed steadily, reaching levels in Delaware this week that match prices in the middle of the summer last year. 'It's unusual,' said Bill O'Grady, director of futures research at investment firm A.G. Edwards. 'It raises great fears that we'll have even higher prices this summer.' Prices for regular unleaded gasoline in Delaware have risen from $1.46 in early December to $1.67. ... O'Grady said one cause is uncertainty about the chemical MTBE, usually added to gasoline in the summer in most urban areas on the East Coast, to help cut pollution. He said there's speculation that MTBE will be banned in some states over environmental concerns, causing refineries to delay production of the lower-polluting summer gasoline. More recent news on energy prices: Delaware Senate committee investigates causes of spike in Delmarva Power bills this winter March 5, 2000, The News Journal Educators and lawmakers have labored for nearly a decade to improve Delaware's public schools, but now the final piece of the plan is nearly dead in the General Assembly. What has gone wrong? The effort to create academic standards for students and hold teachers accountable has fallen apart for many reasons, according to lawmakers, teachers, lobbyists and others. ... The final steps in the process – how to hold students, teachers, administrators and parents accountable for a student's performance – have proven difficult. The majority House Republican leadership lost control of its own members, whose refusal to back a compromise bill worked out in part by their own leadership threatens to leave the issue unresolved. Politically powerful special interests in the education community each have their own ideas for improving education. Gov. Tom Carper, who took the lead on education reform but now is nearing the end of his final term, has lost influence over lawmakers. With statewide offices and some House and Senate seats up for grabs, this year's election has convinced some legislative leaders that waiting until next year would be best. ... 'There's no way we can make it work for this [2000-2001] school year with the time lines in the bill,' said Senate President Pro Tem Thomas B. Sharp, D-Pinecrest. Catch up on history: News Journal archives, Dec. 29 to Jan. 4: celebrating the year 2000, car factory layoffs March 6, 1981, Evening Journal By Bill Hayden, staff writer After tonight, the world will be a little bit different. No longer will Walter Cronkite be around to assure us – as he has done for the past 19 years – 'that's the way it is' as he closes the nightly CBS Evening News. At the end of tonight's newscast, Cronkite is putting himself out to pasture. He's leaving the anchorman post to follow less strenuous pursuits at CBS News, including hosting its prime-time science series, 'Universe,' this summer. Here is a man who has become a father figure for an entire nation, whose recounting each day's events has come to be seen as the way things actually took place, whose perceived image as the country's most trusted man has been carefully guarded. Cronkite's reputation for putting the chaos of the world in electronic perspective, thus reassuring viewers that there will be a tomorrow, was earned in November 1963. In shirtsleeves, he appeared on the nation's television screens the afternoon of Nov. 22 to tell us President John F. Kennedy had been shot by an assassin. Over the next several days, with dignity and sensitivity, Cronkite guided his network's coverage of the aftermath and mourning. Because of that exemplary performance, a generation of Americans came to accept him as a member of the family, the trusted uncle who could be counted on in times of stress. Reach reporter Ben Mace at rmace@ This article originally appeared on Delaware News Journal: News Journal archives week of March 2: students honor shooting victims, gas price $1.67
