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FINANCIAL NEWS
Saudi’s SABIC net profit drops by 13.2 percent
20 Apr 2016
(MENAFN) Saudi Basic Industries Corp. (SABIC) posted a net profit of USD 0.91bn in Q1, 2016, drop from USD 1.047bn in the same period last year.
Accordingly, the decline was attributed to lower average sales prices, while the net loss for the metals segment amounted to USD 193.24mn.
However, the increase in net income is attributable to lower administrative cost, and higher other incomes in addition to lower losses from the metals segment.
Moreover, innovation is one of the key enablers of SABIC’s 2025 plan and will continue investing in it.
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