Middle East Economic Survey
SABIC 4Q Profit Down 95% To $83Mn
Petrochemical producer Saudi Basic Industries Corporation (SABIC) announced last week that 4Q08 net profits had fallen to SR311mn ($83mn), which is a 95% fall from 4Q07s SR6.87bn ($1.8bn). The full years net profit was SR22bn ($5.9bn), compared with SR27bn ($7.2bn) in 2007, which was a decrease of 19%. SABIC said that the sharp 4Q08 decline was a result of the drop in demand for petrochemical...