Saudi Basic Industries Corp (Sabic), one of the worlds top petrochemicals producers has reported a 29.4 per cent decline in fourth-quarter net profit as average sale price slumped sharply.
Sabic reported a net profit of SR3.08bn ($821m) in the three months ending 31 December, down from SR4.36bn from a year earlier period, the company in a stock exchange statement.
Operational profit for the petrochemicals giant for same period fell more than 41 per cent to SR4.36bn.
The decrease in net income is attributable to lower average sales prices with a sharp decline in the metals segment sales prices, according to Sabic statement. Net loss for the metals segment amounted to SR1.1bn, despite the reduction in cost of sales.
An impairment of plant and equipment at Ibn Rushd amounting to SR781m, also contributed to the decline in profitability. Sabics share of impairment amounted to SR375m.