The world’s largest petrochemicals company, Saudi Basic Industries Corporation posted a 54 per cent surge in profits to $2.2 billion in the third quarter, perhaps not surprising in a year when oil revenues will be at an all-time high in the kingdom.
And yet the Saudi Tadawul All Share Index is down 7.4 per cent this year and Sabic’s own stock is down 12 per cent. Something is wrong when corporate profits are booming and the stock market is not only low but heading lower.
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