SABIC's quarterly profit slumps 94% on lower sales prices | Reuters
Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices.
The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier.
SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results.
Prices across the company's main petrochemicals segments, chemicals, polyethylene and performance polymers were lower in the fourth quarter, SABIC said, adding that margins were expected to remain under pressure in the first half of 2023 amid slow demand.
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