Saudi SABIC's Q4 profit up 5.7%, below forecasts
SABIC earned 6.16 billion riyals in the fourth quarter
Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemical groups and the Gulf's biggest listed firm, reported a 5.7 percent year-on-year rise in fourth-quarter net income, missing analysts' forecasts.
It earned 6.16 billion riyals ($1.64 billion) in the quarter, chief financial officer Mutlaq Morished told a news conference on Sunday.
Seven analysts polled by Reuters had forecast, on average, that SABIC would record a net profit for the quarter of 6.58 billion riyals.
The company's results are closely tied to global economic growth because its products - plastics, fertilisers and metals - are used extensively in construction, agriculture, industry and the manufacture of consumer goods.
SABIC chief executive officer Mohamed al-Mady told the news conference that he expected 2014 to be slightly better than
2013, given forecasts for product prices to improve
Also Read
-
Saudi SABIC sets initial guidance on five-year dollar bond sale
Saudi Basic Industries Corp (SABIC), the world’s largest petrochemicals maker by market value, has set initial price guidance for a ... Banking & Finance -
Saudi's Ma’aden, Mosaic and SABIC sign deal for phosphate production plant
The Saudi Arabian Mining Company (Ma’aden) announced Monday the signing of a shareholders agreement to jointly develop a fully integrated, world ... Economy -
Saudi British Bank Q4 net profit jumps 20 percent, beating forecasts
Saudi Arabia's fourth-largest listed bank attributed its profit rise only to higher operating income Banking & Finance
