Saudi's SABIC Q3 net profit down on falling prices, sales
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, one of the world’s largest petrochemicals companies, Saudi Basic Industries Corp (SABIC) announced a 6.8% fall in its third quarter net profit due to lower sales prices and volumes.
The company’s net profit declined to 5.22 billion riyals ($1.39 billion) in the July-September period, down from 5.60 billion riyals ($1.49 billion) in the same period of last year.
Analysts had been expecting a quarterly profit of 5.05 million riyals ($1.34 million) on average, according to a survey by Reuters.
SABIC’s profit was negatively affected by the decreasing product prices and lower sales volumes. Lower oil prices and slower global economic growth also affected the company’s Q3 results due to the use of its products in areas such as the manufacturing of consumer goods, agriculture, industry and construction.
The company’s net profit declined to 5.22 billion riyals ($1.39 billion) in the July-September period, down from 5.60 billion riyals ($1.49 billion) in the same period of last year.
Analysts had been expecting a quarterly profit of 5.05 million riyals ($1.34 million) on average, according to a survey by Reuters.
SABIC’s profit was negatively affected by the decreasing product prices and lower sales volumes. Lower oil prices and slower global economic growth also affected the company’s Q3 results due to the use of its products in areas such as the manufacturing of consumer goods, agriculture, industry and construction.
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