Saudi Arabia’s SABIC reports 21.68% fall in net profits
Saudi Arabia’s petrochemicals giant, SABIC, has reported a net profit loss of over 21 percent during the first half of the current year.
A statement released by Saudi Basic Industries Corp on Sunday said the company saw its net profit fall 21.63 percent to hit 10.11 billion riyals (USD 2.69 billion) in the first half of 2015 compared to the corresponding period of 2014, AFP reported.
The statement added that the company’s net profit in the second quarter of the year stood at of 6.17 billion riyals, down 4.49 percent from the same period in 2014, but showing a 57-percent increase compared with the first quarter of 2015.
SABIC blamed "lower average selling prices" of its products on the international market for the decline in profits.
The company, which is the largest company listed on Saudi Arabia's stock exchange, is also one of the largest global manufacturers of petrochemicals, fertilizers, plastics and metals.
Saudi Arabia, a leading member of the Organization of the Petroleum Exporting Countries (OPEC), is currently suffering from the consequences of global oil price fall, which experts blame on Riyadh itself as the country has consistently refused to lower its crude output despite a glutted market.
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