Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemical groups and the Gulf's biggest listed firm, reported a 5.7 percent year-on-year rise in fourth-quarter net income, missing analysts' forecasts.
It earned 6.16 billion riyals ($1.64 billion) in the quarter, chief financial officer Mutlaq Morished told a news conference on Sunday.
Seven analysts polled by Reuters had forecast, on average, that SABIC would record a net profit for the quarter of 6.58 billion riyals.
The company's results are closely tied to global economic growth because its products - plastics, fertilisers and metals - are used extensively in construction, agriculture, industry and the manufacture of consumer goods.
SABIC chief executive officer Mohamed al-Mady told the news conference that he expected 2014 to be slightly better than 2013, given forecasts for product prices to improve.For all the latest industry 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.
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