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Saudi SABIC sales down to USD9.93b in Q3

19 Oct 2015

(MENAFN) The Saudi Basic Industries Corporation (SABIC) announced its third-quarter sales at USD9.93 billion down from USD12.97 billion compared to the same period last year.

SABIC Saudi Arabia’s largest listed company had earlier said its third-quarter net profit fell 9.4 percent to USD1.49 billion. This was a larger profit than analysts had on average forecast.

Acting CEO of SABIC described earnings as “very positive given global economic conditions,” adding that “Cost cutting enabled SABIC to limit the impact of a 23 percent drop in third-quarter sales on its bottom line.”

He added that SABIC had reduced its costs by an average of 22 percent in the first nine months of 2015 through improved efficiency but did not provide further details.

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