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SABIC posts 50% drop in Q3 profits

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 18 October 2009
INDUSTRIAL GIANT: Saudi's SABIC has posted a Q3 profit fall of 50 percent. (Getty Images)
INDUSTRIAL GIANT: Saudi's SABIC has posted a Q3 profit fall of 50 percent. (Getty Images)

Saudi Basic Industries Corp (SABIC), the world's largest chemical firm by market value, posted a 50 percent drop in third-quarter profit but beat average analyst forecasts.

SABIC made a net profit of 3.6 billion riyals ($960 million) in the three months to Sept. 30, down from 7.24 billion riyals during the year-earlier period, the company said in a statement posted on the bourse website on Sunday.

Analysts surveyed by Reuters had expected an average of 2.99 billion riyals in third-quarter net profit.


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"The reason for the net profit decline... is due to a sharp decline in global prices of petrochemicals, plastics and metals due to the global financial and economic crisis," SABIC said.

Quarterly operating profit was down 48 percent at 6.4 billion riyals. (Reuters)

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