Saudi Basic Industries Reports 29% in Profit on Oil Drop - Bloomberg

Saudi Basic Industries Reports 29% in Profit on Oil Drop - Bloomberg:



"Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemical maker by sales, reported a 29 percent drop in fourth-quarter profit as lower oil prices reduced returns from its own products.



Net income dropped to 4.36 billion riyals ($1.16 billion) from 6.16 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement today. The mean estimate of seven analysts was 5.39 billion riyals, according to data compiled by Bloomberg. Sales slipped 10 percent to 43.4 billion riyals. 




“Fourth-quarter results are not a surprise for us, we have foreseen the effects of the drop in oil prices on our business,” Chief Executive Officer Mohammed Al Mady said at a press conference in Riyadh."



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