SABIC posts 35% decline in Q2-2012 profit on lower product pricing, higher feedstock costs

Saudi Basic Industries Corp. (SABIC), posted a 35% decline in Q2 profit on lower product pricing and higher raw materials costs, with net income falling to 5.3 bln riyals (US$1.4 bln) from 8.1 bln riyals a year earlier. The key factor identified for this decline is the continuous slowdown in global economic growth, especially in Europe, China and North America, which negatively impacted the prices of petrochemical products. Q2 sales fell 5% from a year earlier to 46.5 bln riyals. The reasons for the year-on-year decline are mainly lower petrochemical prices as well as a decrease in Safco profitability due to a plant shutdown.
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