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FINANCIAL NEWS
Sabic net profit slumps 23% in Q2
28 Jul 2016
(MENAFN) Saudi Basic Industries Corp (Sabic), one of the world’s largest petrochemicals groups, witnessed a 23.2% fall in its net profit on during the second-quarter of 2016.
In detail, Sabic recorded a net profit of USD1.26 billion in the three months to June 30, compared to USD1.65 billion in the year-earlier period, the company said in a bourse statement.
Moreover, the result was ahead though of the USD1.05 million average estimate of five analysts polled earlier by Reuters.
Sabic, which is 70 percent state-owned, said that the profit fall was caused by lower average sales prices, in addition to impairment on the assets of Ibn Rushd, an affiliate of SABIC.
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