SABIC’s Q3 profits halve as global recession hurt prices and weakened demand

20-Oct-09
World number one petrochemicals maker-Saudi Basic Industries Corp. (SABIC) saw its Q3 profits halve as the global recession hurt prices and weakened demand for plastics and fertilizers. Net income fell to 3.6 billion riyals (US$960 mln) from 7.24 billion riyals a year ago. The decline in petrochemical pricing, from last year’s peak levels in the third quarter, had a negative impact on net income. Year-on-year pricing is likely be better in the fourth quarter. Q3 sales were 27 billion riyals, while 9 month sales rose 3% to 34.5 mln tons, and production gained 4% to 44 mln tons. Current demand is mainly from Asia, and has shown an improvement along with improved prices.
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