SAUDI ARABIA

 

SABIC Chief Slams Gas Shortage As Profits Fall

 

Mohamed al-Mady, CEO of Saudi state-owned petchems giant SABIC, says a gas shortage is curbing the company’s growth in the Saudi market. The warning came as the company’s first quarter results showed a 1.8% slide in year-on-year net profits when analysts were predicting a rise (see table). SABIC attributes the fall to lower sales prices for some products, which outweighed higher production and sales...