Sabic's turnover falls by more than half

The turnover of Saudi Basic Industries Corp (Sabic) fell by more than half in the first quarter, while sales costs fell by 38.2 per cent, according to financial statements.

Sabic's turnover stood at 19.82 billion riyals ($5.29 billion) in the three months to March 31, down from 39.98 billion riyals in 2007.

This is the first time that Sabic disclosed turnover figures.