Saudi SABICs Q4 profit up 5.7 pct, below forecasts Saudi Basic Industries Corp (SABIC), one of the worlds largest petrochemical groups and the Gulfs 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 companys 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.
Posted on: Sun, 19 Jan 2014 06:54:27 +0000
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