Some might say it was a good day for Saudi Basic Industries Corp, the world’s biggest petrochemicals maker.
When it announced on Wednesday that third quarter net profits fell 23 per cent from a year ago its share price in Saudi Arabia rose 1.4 per cent. Clearly, the numbers weren’t as bad as had been expected in the light of plunging world prices for petrochemicals.
Sabic reported earnings of 6.31bn riyals ($1.7bn), beating the average 5.84bn riyal estimate of six analysts polled by Bloomberg.
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