Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, said fourth-quarter profit dropped 10 percent, missing analysts’ estimates.
Net income fell to 5.24 billion riyals ($1.4 billion) from 5.81 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement today. The mean estimate of seven analysts was for a profit of 7.56 billion riyals, according to data compiled by Bloomberg.
The decline was “mainly driven by a lower pricing environment in global markets for most of the products, despite an increase in sales volumes,” the company said in the statement. Kayan Petrochemical Co., a Sabic unit, said its fourth-quarter loss widened, while Yanbu National Petrochemicals Co. (YANSAB), another unit, reported fourth-quarter profit that missed estimates.
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