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Sun 19 Jan 2014 11:07 AM

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Saudi SABIC's Q4 profit up 5.7%, below forecasts

The petrochemicals giant's results are closely tied to global economic growth

Saudi SABIC's Q4 profit up 5.7%, below forecasts
SABIC headquarters.

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.

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