Petchems giant Sabic saw profits fall last year despite a stronger fourth quarter. Seemingly unfazed by President Trump’s protectionism, it is targeting strong growth in the US in 2017, as well as in China.

Saudi Arabia’s 14 exchange-listed petrochemicals firms reported total net profits of SR22.95bn ($6.12bn) for 2016, an increase of 8% from 2015’s SR21.25bn ($5.67bn).

Nevertheless, their combined net profits were still 33% lower than for 2014, when high crude oil prices...