SABIC Q3 profit plunges 50 pct

Saudi Basic Industries Corp, the Middle East's largest listed company, said Sunday its net profit declined 50% to SAR3.6 billion (900 million) in the third quarter from SAR7.2 billion a year earlier on a sharp drop in commodities prices.

The results were largely above analyst expectations. EFG-Hermes had expected Sabic to post a net profit of SAR1.96 billion, while Credit Suisse had penciled in SAR3 billion.

"The decline in third-quarter net profit ... is because of a sharp fall in the prices of petrochemicals, plastics and minerals because of the global financial and economic crisis," the company, better known as Sabic, said in a statement on the Saudi bourse Web site.