Saudi’s SABIC posts USD1.05b net profit in Q1

19 Apr 2015

(MENAFN) Saudi Basic Industries Corp (SABIC) posted USD1.05 billion net income in the first quarter of the year, marking 39 percent decline when compared to the corresponding period a year ago, Reuters reported.

Globally considered among the finest in the petrochemical sector, SABIC’s slump did not reach analysts’ expectations. The company said that net profit in the first quarter of 2014 was USD1.71 billion.

Nonetheless, analysts’ expectations for the quarterly profit were around USD932.92 million. The company said that results are impacted by oil prices and global economic growth.

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