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.
05 Aug 2024
With the support of BBK, BIBF and BJA hold a graduation ceremony for journalists completing the training program
09 Jun 2024
BBK Successfully Closes USD Benchmark Bond Offering at $500 Million, in Collaboration with a Consortium of Regional and International Banks.
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more