Gov't-backed operator is 70% state-owned and one of the world's largest petrochemicals groups
Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups, reported a 29 percent plunge in fourth-quarter net income on Sunday, widely missing analysts' forecasts.
The Gulf's largest listed company earned SAR4.36 billion ($1.16 billion) in the quarter to December 31 compared to SAR6.16 billion in the year-earlier period, SABIC said in a bourse statement.
SABIC, which is 70 percent state-owned, attributed the fall in profits to lower average prices for the products which it sold, although this was partly offset by lower feedstock prices.
The profit was well below the average forecast of seven analysts polled by Reuters, who had predicted a quarterly profit of SAR5.50 billion.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.