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Saudi Arabia’s SABIC announces financial results for Q2

by ChemOrbis Editorial Team -
  • 27/07/2015 (10:23)
Saudi Basic Industries Corporation (SABIC) announced their financial results for the second quarter of 2015, according to media reports. The company’s net profit shrank 4.5% on a yearly basis to SAR6.17 billion ($1.64 billion) in the April-June period of 2015. Analysts’ initial estimates called for a SAR4.96 billion ($1.32 billion) profit for the second quarter of 2015.

Weaker petrochemical prices were cited as the main reason behind the decrease in SABIC’s net profit. The company’s sales, meanwhile, declined 13% year over year to SAR42.10 billion ($11.2 billion) in the second quarter compared with SAR48.15 billion ($12.4 billion) in the same quarter of 2014. However, sales increased 18% compared to the January-March period.
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