Dubai: Saudi Basic Industries Corp (Sabic), one of the world’s largest petrochemicals groups, reported a 23.2 per cent drop in second-quarter net profit on Wednesday, extending a earnings slump as lower sales prices continued to weigh. Sabic made a net profit of 4.74 billion riyals (Dh4.64 billion, $1.26 billion) in the three months to June 30, down from 6.17 billion riyals in the year-earlier period, the company said in a bourse statement. The result was ahead though of the 3.92 billion riyal average estimate of five analysts polled by Reuters. Sabic, which is 70 per cent state-owned, attributed the profit fall to lower average sales prices, in addition to an impairment on the assets of Ibn Rushd, an affiliate of Sabic.
Sabic extends earnings slump as second quarter profit falls 23.2%
Extending a earnings slump as lower sales prices continued to weigh