Saudi Basic Industries , the biggest listed company in the Middle East, said on Tuesday, that its fourth-quarter net profit fell 95 per cent, sharply below analysts’ expectations.
Net profit fell to SR311m ($83m), from SR6.87bn a year earlier, the company said. It attributed the sharp drop to a decline in demand for petrochemical products – particularly speciality plastics – in the global automotive industry and building sectors.
The company said affiliates outside Saudi Arabia had been particularly adversely affected, but the scale of the underperformance caught analysts by surprise.
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