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FINANCIAL NEWS
Saudi Sabic’s net profit slumps 29 percent in Q4
18 Jan 2015
(MENAFN) Saudi Basic Industries Corp (Sabic) said that it has reported a 29 percent plunge in in its net profit during the October- December period of 2014, Emirates 24/7 reported.
During the fourth quarter of 2014, the Gulf’s largest listed company registered USD1.16 billion in as its net profit compared to USD1.63 billion during the corresponding period in 2013.
Sabic, which is 70 percent owned by the government, attributed the fall in profits to lower prices for the products it sold, with the company recording sales of USD11.6 billion during the fourth quarter, declining 10 per cent from USD12.76 billion in 2013.
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