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Saudi SABIC’s net profit slumps in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 31/07/2017 (16:17)
According to Reuters, Saudi Basic Industries Corp.’s (SABIC) net profit declined by 25% to 3.71 billion riyals ($989.3 million) in the second quarter of this year compared to a revised 4.96 billion rilyals in the same period of last year. The major’s weaker results for the April-June period were attributed to higher selling costs and lower sales, especially at its wholly owned subsidiary, Hadeed iron and steel unit.

The company’s Q2 financial results also fell below analysts’ expectations of 4.6 billion riyals ($1.226 billion) net profit.

However, the company officials reportedly regarded lower net profit as temporary, which stemmed from thin demand amid Ramadan and the Eid holidays. They hope for improved buying interest for the rest of the year.
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