Sabic Q3 earnings drop 23%
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Sabic Q3 earnings drop 23%

Sabic Q3 earnings drop 23%

Saudi Basic Industries Corp (Sabic) has said third-quarter net profit fell 23% due to lower product pricing, Reuters has reported. The world's biggest petrochemicals group by market value earned net income of SR6.3bn ($1.68bn) in the three months ended September 30, compared with a record profit of SR8.2bn a year ago. Last year, the chemicals, metals and fertilisers conglomerate enjoyed a bumper year of record profits and growth as new production lines started up and world chemical prices were buoyed by demand in Asia. However, demand was lower this year due to the weak global economic conditions.

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    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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