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Saudi Arabia’s SABIC’s net income falls beyond estimates in Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 27/10/2014 (13:43)
Saudi Basic Industries Corporation (SABIC) announced their financial results for the third quarter of 2014, according to media reports. The company’s net income posted a decrease of 4.5% in the July- September period of 2014, falling behind estimates in a survey by Reuters.

The company’s net income decreased to SAR6.18 billion ($1.65 billion) compared to the income of SAR6.47 billion posted in the previous year. The company cited weaker petrochemical sales and a drop in other income as the main reasons behind the decline in their net income.

Meanwhile, the company’s revenue for the third quarter declined to SAR48.071 billion ($12.8 billion) from SAR48.8 billion in the same quarter of 2013.
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