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FINANCIAL NEWS
Saudi SABIC net profit plunges 39 percent in Q1
14 Sep 2015
(MENAFN) Saudi petrochemical giant SABIC announced logging a 39 percent drop in its net profit in the January-March period of 2015 compared to a year earlier, dragged down by plunging oil prices.
SABIC the largest publicly traded firm in the Gulf reported q net profit of USD1.05 billion for the first quarter period. That compared with a net profit of USD1.71billion logged in the same quarter of 2014.
SABIC is one of the world’s largest petrochemical manufacturers producing chemicals fertilizers plastics and metals. Global crude prices have halved since mid-2014 on global oversupply and weak demand.
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