SABIC posts 95% decline in profits in Q4 results

Saudi Basic Industries Corporation (SABIC), the largest petrochemical and fertilizers producer in the Middle East and the largest producer of steel in the region, has posted 95% decline of the fourth quarter profits to US$82.9 mln, the lowest profits since Q4-2001 – which is the period in which Sabic posted losses for the first time in its history. In Q2-2008, SABIC posted $2.01 bln profits, the highest since its establishment. SABIC attributed the sharp decline to the fall in demand for petrochemical products and metals, due to the economic recession that has hit the world’s major economies, as well as the credit crunch that led to difficulties for consumers in obtaining the necessary financial facilities from banks and financial institutions.
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