Quarterly results looks encouraging; yearly output disappointing
LONDON : The polymer producers around the globe reported higher quarterly profits. But the results of the full year 2012 were well below the estimates and were significantly lower than the 2011 results. We provide an analysis of the quarterly and yearly performance of a few of the Polymer majors. Saudi Arabia’s SABIC posted a net profit of SAR5.83 billion ($1.55 billion) for the fourth quarter of 2012, an 11.3% rise compared to the company’s fourth quarter results for 2011. For the full year of 2012, SABIC’s net income declined 15.5% to reach SAR24.72 billion ($6.6 billion).
LyondellBasell posted higher profits both for the fourth quarter and the full year of 2012 as strong profits from the company’s operations in the Americas helped offset the operating losses seen in their European business. The company achieved a net profit of $623 million in the fourth quarter of 2012. For the full year, LyondellBasell’s profits rose from $2.14 billion in 2011 to $2.83 billion in 2012.
Borealis recorded a stronger net profit in the fourth quarter while posting weaker profits for the full year. The company’s fourth quarter profits rose from €58 million in 2011 to €100 million in 2012. For the full year, the company’s profit’s slumped from €507 million in 2011 to €480 million in 2012.
Malaysia’s Petronas also witnessed higher fourth quarter results while recording weaker profits for the full year. Petronas’ recorded a 12% increase in its fourth quarter profits to MYR988 million ($313.5 million) in 2012. For the full year, Petronas’ net profit slumped 11% from 2011 to reach MYR3.84 billion ($1.23 billion).
Germany’s BASF posted lower profits for both the fourth quarter and the full year due to poorer performance from its chemicals segment. The company’s fourth quarter profit was down 13% from 2011 at €980 million. Profit for the full year slipped 21% from 2011 to reach €4.88 billion.