Profits fall as petrochemicals prices slump
Saudi Basic Industries Corporation (Sabic) has reported a 23 per cent fall in profit for the third quarter of the year as a result of a slump in petrochemicals prices.
The company, which is the largest petrochemicals firm in the world by market value, reported profit of SR6.3bn ($1.68bn), compared with SR8.2bn for the same period of last year.
Sabic said in a statement that profit had fallen due to “lower average selling prices”, despite an increase in production volumes.
The company is one of the biggest in the kingdom and a key part of the government’s drive to diversify the economy away from oil.
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