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FINANCIAL NEWS
Saudi SABIC reports USD1.6b profit in Q2
22 Jul 2013
(MENAFN) Saudi Basic Industries Corporation (SABIC), the world’s largest petrochemicals producer, reported higher quarterly earnings despite lower prices and sales, Times of Oman reported.
The company said it made USD1.61 billion net profit during the second quarter, up from USD1.4 billion a year ago.
Lower petrochemicals prices are linked to sluggish demand in a struggling global economy affected profit at SABIC affiliates.
Saudi Arabian Fertiliser reported a 12 percent decline in second-quarter profit as urea prices fell. Net income at Yanbu Petrochemical and Saudi Kayan Petrochemical also declined in the quarter.
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