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Al-Mady... outlook positive.

Sabic Q3 profit falls 4.5pc to $1.65bn

RIYADH, October 26, 2014

Saudi Basic Industries Corp (Sabic), earned SR6.18 billion ($1.65 billion) in the third quarter of the year, compared to SR6.47 billion ($1.72 billion) in the year-earlier period, marking a fall of 4.5 per cent.

Sabic, which is 70 per cent state-owned and one of the world's largest petrochemicals groups, attributed the fall in profits to a drop in sales and other income, although its cost of financing was lower.

Earnings were below the average forecast of nine analysts polled by Reuters, who had predicted a quarterly profit of SR6.63 billion ($1.76 billion).

The company's results are closely tied to global economic growth because its products - plastics, fertilisers and metals - are used extensively in construction, agriculture, industry and the manufacturing of consumer goods.

Sabic chief executive Mohamed al-Mady said in July that the outlook for petrochemical demand over the next three years was positive and there was room for prices to rise. – Reuters




Tags: Saudi Basic Industries | sabic | profit | petrochemicals |

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