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SABIC Q4 profit falls on lower prices

Jan 27, 2019
1 min read
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Saudi Basic Industries Corp (SABIC), one of the world's largest chemicals producer, reported lower profit for the fourth-quarter as average selling prices dipped.

SABIC made a net profit of 3.24 billion riyals ($864 million) in the quarter ending Dec. 31, down from 3.7 billion riyals in the year-earlier period, the company said in statement on the Saudi stock exchange.

Selling price of petrochemicals produced by SABIC are closely tied to oil prices - Brent crude oil  tumbled in Dec. to hit a 16-month low of $50 .57, with the whole of fourth quarter seeing prices slide on worries returning of crude inventories building up.

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