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Saudi producer SABIC announce weaker results for Q4

by ChemOrbis Editorial Team - content@chemorbis.com
  • 18/01/2016 (11:19)
According to media reports, Saudi Arabian petrochemical major SABIC reported weaker financial results for the sixth consecutive quarter. The company’s net profit fell 29.4% to SAR3.08 billion ($821 million) in the last quarter of 2015 from SAR4.36 billion ($1.16 billion) in the October-December period of 2014. The company’s Q4 profit missed Reuters’ analysts’ estimates, which called for a quarterly net profit of SAR4.18 billion ($1.11 billion).

Plunging crude oil markets and lower sales prices were cited as the main reasons behind SABIC’s weaker results.
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