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SABIC’s net profit falls 39% in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/04/2015 (10:47)
According to media reports, Saudi Basic Industries Corporation’s (SABIC) net profit fell 39% in the first quarter of this year. The company’s net income declined to 3.93 billion riyals ($1.05 billion) in the first three months of 2015, compared with 6.44 billion riyals in the same period of the last year. However, the company’s Q1 net profit topped analysts’ estimates, which called for a profit of 3.50 billion riyals ($933 million).

The company cited lower oil and petrochemical prices as the main reasons behind their weaker financial results in the first quarter of this year. SABIC’s revenues declined 28% on the year to 35.56 billion riyals ($9.48 billion) in the three months ending March.
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