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FINANCIAL NEWS
SABIC net profit reduces 4.5 percent in Q3
27 Oct 2014
(MENAFN) Saudi petrochemicals giant Saudi Basic Corp (SABIC) reported a 4.48 percent fall in profits for the third quarter of 2014, while its chief forecast that oil prices will recover over the long-term, Saudi Gazette reported.
SABIC, the largest publicly traded firm in the Gulf, posted a net profit of USD1.65 billion for the three months up to September, compared to USD1.72 billion in third quarter last year.
SABIC confirmed that “The decrease in net income is attributable to lower quantities sold and other income, despite lower financial charges.”
The company considered as one of the largest petrochemicals manufacturers, producing chemicals, fertilizers, plastics and metals in the world.
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