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FINANCIAL NEWS
Saudi Sabic profits fall in Q2 by 25%
31 Jul 2017
(MENAFN) The giant petrochemicals Saudi firm, Saudi Basic Industries Corp (Sabic) reported its second quarter results, as it registered a net profit of USD989.16mln (SR3.71bln), a fall from 25% comparing to the same period of 2016.
According to reports, the profits declined from SR4.96bln, basically due to high selling costs and falling sales.
However, the reported results were related to oil prices and global economic growth, since its products were used extensively in construction, agriculture, industry and the manufacturing of consumer goods.
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MENAFN3107201700450000ID1095672624
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