Mubasher: Saudi Basic Industries Corp (SABIC) posted a 6.79% profit decrease year-on-year during the third quarter of 2016, according to a bourse statement.
Net profits reached SAR 5.22 billion in Q3-16, compared to SAR 5.6 billion in Q3-15.
The year-on-year decrease in net income resulted from lower average sales prices and sales quantity, and an increase in the Zakat provision.
In the first nine months of 2016, profits fell 14.89% to SAR 13.37 billion from SAR 15.71 billion in the prior-year period.
The decrease in nine-month net income is mainly attributed to lower average sales prices and sales quantity.
“An impairment against the assets of Ibn Rushd has been recorded amounting to SAR 761 million, SABIC share amounting to SAR 366 million and an increase in the Zakat provision,” the bourse filing mentioned.
