VOL. XLII
No. 09
1-March-1999
SAUDI ARABIA
SABICs Net Profit Falls 56% In 1998
The Saudi Basic Industries Corporation (SABIC) in 1998reported a 56% decline in net profit to SR2.02bn ($539mn) from SR4.6bn($1.23bn) in 1997. The slump in the 1998 profit is attributed to sharply lowerinternational commodity prices, the general worldwide economic slowdown causedby the Asian crisis, and lower oil prices which resulted in a competitiveadvantage for operators of naphtha-based plants, according to Dr....
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