Stocks

SABIC Q4 profit falls 12.4%, below expectations

2019-01-27 13:14:49 GMT (Economies.com)

Saudi Basic Industries Corporation (SABIC) on Sunday announced it generated SAR 3.2 billion net profit in the fiscal year ended December 31, 2018, a decrease by 12.4% from SAR 3.7 billion in FY17.

 

The profits fell short of all forecasts whose average indicated a rise by 43% year-on-year in Q4 profit.

The giant company attributed the profit decline to a decrease in average sale of products, as well as a decline in SABIC’s share in financial results of sister companies and joint ventures.

 

SABIC made SAR 21.5 billion net profit in FY18, a rise of 16.9% year-on-year from SAR 18.4 billion.

 

FY18 revenues marginally rose to SAR 40.13 billion in FY18, compared with SAR 40.33 billion in FY17.

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