Sabic is targeting specialty chemicals and “huge” JVs in an ongoing shake-up.

Saudi state petchems giant Sabic had record output of 72.7mn tons in 2016 but net income fell by almost 5% to SR17.84bn ($4.76bn) from $5.01bn in 2015. That said, the firm has weathered the last two years’ more than halving in oil prices far better than it did in 2009, when a more modest fall in oil prices saw earnings collapse to just $2.42bn (see charts).

Net income has fallen every year but...