World's largest chemicals company by market value, Saudi Basic Industries Corp (SABIC), posted its first decline in quarterly net profit in more than two years on a slowdown in sales growth. SABIC made 7.24 bln riyals (US$1.93 bln) in the three months to September down, from 7.4 bln riyals a year earlier. SABIC did not explain the drop and the company only said its operations were not affected by the global financial turmoil. "There is no impact on SABIC's financial operations as a result of the existing financial crisis. Loans necessary to finance projects buildup and existing expansions have been completed in ample time prior to the start of the current crisis," chief executive Mohamed Al-Mady said in the statement.
31-Oct-08 
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