Sabic’s Second-Quarter Profit Drops Less Than Estimated - Bloomberg Business:
"Profit at Saudi Basic Industries Corp. declined less than analyst estimates as the Middle East’s biggest petrochemicals company seeks ways to weather volatility in oil prices.
Sabic’s second-quarter net income dropped 4.5 percent to 6.17 billion riyals ($1.65 billion) from 6.46 billion riyals a year earlier, the Riyadh-based company said in a statement to the Saudi bourse. The company’s profit is 25 percent higher than the 4.95 billion riyal mean estimate of nine analysts compiled by Bloomberg. It will pay a dividend of 2.5 riyals a share for the first half.
“Given the volatility in oil prices, we are looking at ways to optimize our feedstock production,” acting Chief Executive Officer Yousef Al Benyan said in news conference in Riyadh."
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