The Saudi Basic Industries Corp (SABIC), one of the largest petrochemical companies, has recorded a profit of USD 2 billion in the second quarter of 2021 ended June 31, up from a USD 592 million loss in the same period last year.
Sales jumped 72.3 percent to USD 11.3 billion in the second quarter from USD 6.5 billion a year earlier.
Yousef al-Benyan, CEO, SABIC, said, "Average selling prices rose by more than 10 percent backed by oil price increases and healthier demand. We expect the second half of 2021 to be like the first half.”
“SABIC will remain focused on the Saudi market, as well as the United States, China and Africa, where it is exploring growth opportunities,” added Al-Benyan. The company expects margins to remain healthy as oil prices and feedstock costs remain elevated, supply constraints ease and new capacity comes on line. (TT)
CEAT Approves INR 34 Mln Capital Infusion Into Tyresnmore
- By TT News
- November 06, 2025
CEAT Ltd said it will invest up to INR 34 million in its wholly owned subsidiary Tyresnmore Online Pvt Ltd through a subscription to a rights issue, the tyre maker said in a stock exchange disclosure on Wednesday.
The company will subscribe to 27,855 equity shares in Tyresnmore, and its shareholding in the subsidiary will remain at 100 percent, CEAT said.
The investment is categorised as a related-party transaction but has been carried out on an arm’s-length basis. No regulatory approvals are required, it added.
Tyresnmore, incorporated in 2014 and based in New Delhi, sells automotive tyres, batteries and accessories, and provides fitting and wheel services. The unit reported turnover of INR 322.57 million for the year ended 31 March 2025, compared with INR 255.86 million the previous year.
The shares are expected to be allotted by 24 November 2025.
Nexen Tire Q3 Profit Rises Despite US, Tariff Impact On Solid Europe, Korea Sales
- By TT News
- November 06, 2025
NEXEN TIRE reported third-quarter 2025 sales of 780.7 billion won and operating profit of 46.5 billion won, the company said on Thursday, as stronger demand in Europe and South Korea helped offset the impact of item-specific tariffs in the United States.
Sales in Europe were supported by an expansion of original equipment supply for newly launched vehicles and higher demand for winter products following tighter seasonal tyre regulations. In South Korea, the company posted its highest-ever quarterly revenue, aided by peak summer demand and continued growth in its tyre rental business.
Profit margins improved from the previous quarter, helped by lower raw material costs and reduced logistics expenses, with prices for natural and synthetic rubber and the Shanghai Containerized Freight Index (SCFI) remaining on a downward trend.
The company has been rolling out region-specific product strategies. In South Korea, it launched the N’FERA Supreme EV ROOT in August, designed for both electric and internal combustion engine vehicles. It also brought the WINGUARD SPORT 3 winter tyre to Europe and Japan, and strengthened its U.S. high-performance line-up with the N’FERA SPORT, already supplied as original equipment to premium European carmakers. In Australia, it added the ROADIAN ATX for larger sport utility vehicles.
NEXEN TIRE is also expanding its international footprint, with new sales bases recently opened in Spain and Poland, and additional hubs planned in Southeastern Europe, Latin America and the Middle East.
The tyre maker said it is enhancing R&D efficiency through the adoption of a High Dynamic Driving Simulator, the first of its kind in South Korea's automotive sector, allowing reduced reliance on physical prototypes and road tests. The firm also received approval for its near-term emissions reduction targets from the Science Based Targets initiative (SBTi) in September.
“The solid performance in the third quarter, even after factoring in tariff-related costs, indicates that our strategy for managing external uncertainties is yielding positive results,” CEO John Bosco (Hyeon Suk) Kim said. “We will continue to pursue sustainable growth through product portfolio diversification and the optimisation of global production operations.”
MAXAM To Showcase Agritech Innovations At Agritechnica 2025
- By TT News
- November 05, 2025
MAXAM is set to showcase its advanced agricultural tyre solutions at Agritechnica 2025 in Hannover from 9 to 15 November. Visitors can find the company at Stand A04 in Hall 20, where the exhibition theme ‘More Pull. Less Fuel’ will guide the presentation. This philosophy underscores the company's dedication to developing tyres that enhance operational efficiency and contribute to more sustainable farming practices by reducing fuel consumption and soil compaction. The event provides a significant opportunity for MAXAM to demonstrate its commitment to innovation and the expansion of its product portfolio.
On display will be a range of DLG-awarded tyres, including robust models for high-horsepower tractors and versatile options for specialised implements, illustrating the company's technical breadth. Beyond presenting products, MAXAM considers the trade fair a vital meeting point for industry collaboration. It serves as a platform for direct engagement with farmers, partners and machine manufacturers, whose feedback provides invaluable, real-world insights that directly influence the future direction of product and service development, ensuring they remain precisely aligned with evolving market needs.
As a part of SAILUN Group, one of the 10 largest tyre manufacturers in the world, MAXAM leverages its extensive international presence and collaborative research initiatives to drive continuous innovation. The company is dedicated to advancing agricultural tyre technology, creating sophisticated solutions that directly address the evolving demands of modern farming. This focus encompasses critical areas such as enhanced sustainability, improved cost-efficiency and superior field performance.
Cabot Corp Posts Lower Quarterly Profit, Sees Subdued Demand Outlook For Fiscal 2026
- By TT News
- November 05, 2025
Cabot Corporation reported lower quarterly earnings, as weaker demand in its Reinforcement Materials segment and softer volumes in Performance Chemicals weighed on results. However, the company ended fiscal 2025 with solid cash flow and continued shareholder returns.
For the fourth quarter ended 30 September, Cabot posted net income of USD 43 million, or USD 0.79 per share, compared with USD 137 million, or USD 2.43 per share, in the same period a year earlier.
Full-year diluted earnings per share were USD 6.02, while adjusted earnings per share rose 3 percent year-on-year to USD 7.25.
“I am very pleased with another strong year of Adjusted EPS growth where we achieved USD 7.25, up 3 percent year over year, in a year with a challenging macroeconomic backdrop,” said Sean Keohane, Cabot’s President and Chief Executive Officer. “This performance was driven by higher EBIT in our Performance Chemicals segment, which increased 18 percent year over year, partially offset by EBIT in our Reinforcement Materials segment, which declined 5 percent.”
Cabot’s revenue for the quarter fell to USD 899 million from USD 1.0 billion a year earlier, while full-year sales declined to USD 3.7 billion from USD 4.0 billion.
The Boston-based speciality chemicals manufacturer said fourth-quarter cash flow from operations totalled USD 219 million, enabling USD 64 million in shareholder returns through dividends and share buybacks. For the full fiscal year, Cabot generated USD 665 million in operating cash flow, funding USD 274 million in capital investments, USD 96 million in dividend payments and USD 168 million in share repurchases.
Keohane said the company’s balance sheet remained strong, with a net debt-to-EBITDA ratio of 1.2 times, providing flexibility to invest in growth while continuing to return capital to shareholders.
The company’s Reinforcement Materials segment reported a USD 4 million decline in EBIT from the prior-year quarter, reflecting lower volumes in the Americas and Asia Pacific, partly offset by cost efficiencies. Global volumes fell 5 percent, including a 7 percent drop in the Americas, where lower tyre production by customers was attributed to increased Asian tyre imports.
Performance Chemicals EBIT decreased USD 2 million year-over-year, mainly due to a 5 percent drop in volumes led by weaker demand in Europe, particularly from construction-related applications.
Cabot ended the quarter with percent 258 million in cash and spent percent 64 million on capital expenditures. The company recorded a 55 percent effective tax rate in the fourth quarter and an operating tax rate of 27 percent for fiscal 2025.
Looking ahead, Keohane cautioned that market conditions remain challenging, particularly in the Reinforcement Materials sector. “We do not yet see signs of improvement in the external environment, particularly as it relates to regional demand trends in Reinforcement Materials due to the impact of elevated Asian tire imports into western regions,” he said.
The company anticipates improvement in Performance Chemicals, led by growth in battery materials and infrastructure-related applications, while maintaining strong cash flow to support investment and shareholder returns.
“While market conditions remain challenging, we continue to execute on our foundation of commercial and operational excellence, and we remain focused on managing costs, strengthening operations, and positioning the company for long-term growth,” Keohane said.
In fiscal 2025, Cabot also announced an agreement to acquire Bridgestone Corporation’s reinforcing carbons plant in Mexico and released its 2024 Sustainability Report, noting it had achieved 11 of its 15 sustainability goals ahead of schedule and established new 2030 targets.
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