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SABIC reports 23.2% fall in Q2 net profit

by ChemOrbis Editorial Team -
  • 28/07/2016 (15:07)
According to media reports, Saudi Basic Industries Corp (SABIC) announced a 23.2% fall in its second quarter net profit due to lower sales prices and crude oil costs. The company’s net profit declined to 4.74 billion riyals ($1.26 billion) in the three months ended in June from 6.17 billion riyals ($1.64 billion) in the same period of last year.

Despite the decrease, the company’s Q2 net profit beat Reuters analysts’ expectations which called for a net profit of around 3.92 billion riyals.

The Saudi government’s reforms for energy subsidies to bring down a huge budget deficit are expected to increase the company’s costs. As of the first quarter of this year, the company’s total annual costs before minority interests are expected to rise by around 5%.
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