Falling global oil prices dragged down the net income of Saudi petrochemical giant SABIC by 29 percent in the fourth quarter, the company said on Sunday.
SABIC, the largest publicly traded firm in the Gulf, reported net profit of 4.36 billion riyals ($1.16 billion) for the three months to December. That compared with 6.16 billion riyals in the same quarter a year earlier.
“The decrease in net income is mainly attributable to lower average sales prices, partially offset by lower costs for certain feedstocks (raw materials),” a statement from Saudi Basic Industries Corp said. SABIC is one of the world’s largest petrochemicals manufacturers, producing chemicals, fertilisers, plastics and metals.
Global crude prices have fallen by more than 50 percent since June on worries over global oversupply and weak demand growth.
Saudi Arabia is the world’s largest oil exporter.
