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FINANCIAL NEWS
Saudi SABIC posts 6.8pct drop in Q3 profit
20 Oct 2016
(MENAFN) Saudi Petrochemical SABIC posted 6.8 percent decline in net profit for the third quarter of this year, compared with the same period of 2015.
Accordingly, net profit of the firm dropped to USD1.4bn, against SR5.6bn in the same quarter of 2015.
However, the decrease is attributed to lower average sales prices and lower sales quantity.
In addition, petrochemical prices were affected by the sharp fall in world crude prices from above USD100 a barrel in early 2014.
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