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