Sabic Profit Plunges to Lowest in 10 Years on Chemicals Slump - Bloomberg:
Saudi Basic Industries Corp.’s second-quarter profit plunged to the lowest level since 2009 as demand for chemicals and plastics declined.
Net income dropped to 2.12 billion riyals ($565 million) from 6.7 billion riyals a year ago, the biggest petrochemicals maker in the Middle East said in a statement. The average estimate of five analysts was for a profit of 3.37 billion riyals.
A downturn in the global economy, including the car industry, has dented demand for plastics and chemicals, leading to a spate of profit warnings at companies such as BASF SE.
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