NIC Hits Seven-Month Low as Quarterly Profit Drops: Riyadh Mover - Bloomberg

NIC Hits Seven-Month Low as Quarterly Profit Drops: Riyadh Mover - Bloomberg:

"National Industrialization Co. (NIC) tumbled to the lowest level in more than seven months after quarterly profit slumped 48 percent, dimming the outlook for petrochemicals stocks in the Arab world’s biggest economy.
Shares of the company known as NIC retreated 2.3 percent to 25.4 riyals, the lowest since Nov. 28, at the close in Riyadh. The stock was the biggest decliner on the Tadawul All Share Petrochemical Industries Index, which slid 0.8 percent. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals company, fell 0.5 percent to 94 riyals, the lowest since July 7.
NIC’s net income for the three months through June declined to 303 million riyals ($81 million) from 580 million riyals in the year-earlier period, the company said in a statement today. The results were affected by a drop in the titanium dioxide industry’s profit margins, triggered by a decrease in sales prices and an increase in production costs, NIC said."

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