Saudi Sabic's Q4 net profit slumps 29%

Saudi Basic Industries Corp (Sabic), one of the world’s largest petrochemicals groups, reported a 29 per cent plunge in Q4 net income on Sunday, widely missing analysts’ forecasts.

The Gulf’s largest listed company earned SR4.36 billion ($1.16 billion) in the quarter to December 31 compared to SR6.16 billion in the year-earlier period, Sabic said in a bourse statement.

Sabic, which is 70 per cent state-owned, attributed the fall in profits to lower average prices for the products which it sold, although this was partly offset by lower feedstock prices.

The profit was well below the average forecast of seven analysts polled by Reuters, who had predicted a quarterly profit of SR5.50 billion.

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