Sabic Quarterly Net Drops 4.5% as Sales Fall, Missing Estimates - Bloomberg

Sabic Quarterly Net Drops 4.5% as Sales Fall, Missing Estimates - Bloomberg:



"Saudi Basic Industries Corp. (SABIC) posted a 4.5 percent decline in third-quarter profit, missing analysts’ estimates, as the world’s biggest petrochemicals maker suffered from lower sales.



Net income fell to 6.18 billion riyals ($1.65 billion) from 6.47 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement to the Saudi Stock Exchange today. The mean estimate of eight analysts was for a profit of 6.61 billion riyals, according to data compiled by Bloomberg.



“The decrease in net income is attributable to lower quantities sold and other income, despite lower financial charges,” according to the company. It didn’t provide further details."



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