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Saudi SABIC reports USD1.7b profit in Q3

17 Oct 2012

(MENAFN) Saudi Basic Industries Corp (SABIC) reported a 23 percent decline in quarterly profits on lower product prices, Reuters reported.

The world’s largest petrochemical producer said it made USD1.68 billion during the third quarter, down from USD2.2 billion a year earlier.

SABIC made record profits last year, helped by higher petrochemical prices, driven by Asian demand, and new production lines started operations.

However, SABIC’s earnings suffered from the slumping global economy in 2012, as demand weakened, leading prices to fall. SABIC also had temporary operational shutdowns at some plants.

SABIC is particularly vulnerable to world economic conditions because its products are used in so many industries globally, including construction and car manufacturing.

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