Saudi’s SABIC Q1 net profit drops 38%, cites lower selling prices | ZAWYA MENA Edition:
Saudi Basic Industries Corp (SABIC) expects its financial performance in 2019 won't be as strong as 2018, but will still beat market forecasts, its chief executive said on Sunday.
His comments came after the world's fourth-biggest petrochemicals giant posted a 38 percent drop in first-quarter earnings, missing analyst expectations.
"Our expectations are that 2019 will be better than what the market gives, but it will not be as it was in 2018," Yousef al-Benyan told reporters in Riyadh.
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