Saudi Basic Industries' second quarter profit plummets 76%

Saudi Basic Industries (SABIC), the world’s largest chemicals maker by market value, posted a 76% drop in second-quarter net profit and blamed the drop on lower petrochemicals and metals prices.

SABIC said it made a net profit of SAR1.81 billion (US$482.7 million) in the three months to 30 June, down from US$7.55 billion a year earlier when global demand and petrochemical prices were booming.

That was slightly better than analysts' predictions of an average 78% drop in second-quarter profit.