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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Basic Industries Corporation    2010   SA0007879121

SAUDI BASIC INDUSTRIES CORPORATION

(2010)
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Clariant says happy with ownership, weathering COVID hit

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07/30/2020 | 12:55am EDT
Logo of Swiss specialty chemicals company Clariant is seen in Pratteln

Clariant Chairman Hariolf Kottmann is happy with the Swiss speciality chemical maker's shareholder structure, he said on Thursday, playing down a report the company could seek to dilute the control of Saudi investors.

The Tages-Anzeiger paper said this month Clariant was in talks with four potential partners -- with discussions with one group especially advanced -- in search of a "face-saving solution for the Saudis".

Saudi Aramco owns a 31.5% Clariant stake it got when it acquired Saudi Basic Industries (SABIC).

Kottmann told reporters he could not comment on rumours and newspaper headlines, but when asked if he was happy with the current ownership structure, he said:

"Absolutely, absolutely. As you may remember it was our initiative to ask SABIC to buy the share package owned by (activist investors) and it was always our strategic intention to have an anchor shareholder in addition to the Bavarian families, therefore our shareholder structure is a very positive one."

Kottmann had to step in as interim CEO last year when former CEO Ernesto Occhiello quit suddenly. He said the company would decide on a new CEO within months.

Based on continuing operations, Clariant posted a first-half net profit of 75 million Swiss francs (63.34 million pounds) as sales fell 5% in local currency to 1.95 billion francs. Sales in the second quarter fell 4% to 926 million.

It said sales and profitability would suffer from the COVID-19 pandemic in the third quarter as well, but business was unlikely to contract sharply.

"Clariant's three core speciality business areas are executing performance programmes to generate resilient results during these times and to achieve above-market growth, higher profitability and stronger cash generation in the mid-term," it said.

Clariant is in the midst of a massive sell-off process that will divest businesses that made up one-third of sales.

(Reporting by Michael Shields and John Miller, editing Uttaresh.V and Keith Weir)

By Michael Shields


Stocks mentioned in the article
ChangeLast1st jan.
CLARIANT AG 0.61% 17.22 Delayed Quote.-20.28%
SAUDI ARABIAN OIL COMPANY 0.00% 35.3 End-of-day quote.0.14%
SAUDI BASIC INDUSTRIES CORPORATION 0.51% 97.6 End-of-day quote.3.94%
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Financials
Sales 2020 115 B 30 767 M 30 767 M
Net income 2020 3 496 M 932 M 932 M
Net Debt 2020 14 522 M 3 872 M 3 872 M
P/E ratio 2020 163x
Yield 2020 3,37%
Capitalization 293 B 78 078 M 78 076 M
EV / Sales 2020 2,66x
EV / Sales 2021 2,40x
Nbr of Employees 35 000
Free-Float 100%
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Technical analysis trends SAUDI BASIC INDUSTRIES CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 13
Average target price 76,62 SAR
Last Close Price 97,60 SAR
Spread / Highest target -3,69%
Spread / Average Target -21,5%
Spread / Lowest Target -44,7%
EPS Revisions
Managers
NameTitle
Yousef bin Abdullah Al-Benyan Vice Chairman & Chief Executive Officer
Khalid H. Al-Dabbagh Chairman
Timothy D. Leveille Executive Vice President-Corporate Finance
Bob Maughon Executive Vice President-Technology & Innovation
Abdullah Mohammed bin Ibrahim Al-Issa Non-Executive Director
Sector and Competitors