Riyadh – Mubasher: Saudi Arabia’s giant petrochemical producer SABIC post a 29% decline in net profit to SAR 3 billion for the fourth quarter of 2015, down from SAR 4.3 billion in the prior-year period.
The company’s earnings for the fiscal year 2015 also fell by 20% to SAR 18.8 billion, from SAR 23.3 billion a year earlier.
The drop in net income for the fourth quarter and the full year was ascribed to a decrease in average product prices, as well as a plunge in sale prices in the metal segment.
Moreover, SABIC incurred SAR 375 million from the SAR 781 million registered by Ibn Rushd, a subsidiary, as loss impairment for machinery.
