AFP, Riyadh :
Saudi petrochemicals giant SABIC Sunday posted a 39 percent decline in net profits in the first quarter of 2015 compared with a year ago because of plunging oil prices.
SABIC, the largest publicly traded firm in the Gulf, reported q net profit of 3.93 billion riyals ($1.05 billion) for the three months ending March 31.
That compared with a net profit of 6.44 billion riyals in the same quarter a year earlier.
SABIC is one of the world’s largest petrochemical manufacturers, producing chemicals, fertilisers, plastics and metals.
Global crude prices have halved since mid-2014 on worries over global oversupply and weak demand growth.
Saudi petrochemicals giant SABIC Sunday posted a 39 percent decline in net profits in the first quarter of 2015 compared with a year ago because of plunging oil prices.
SABIC, the largest publicly traded firm in the Gulf, reported q net profit of 3.93 billion riyals ($1.05 billion) for the three months ending March 31.
That compared with a net profit of 6.44 billion riyals in the same quarter a year earlier.
SABIC is one of the world’s largest petrochemical manufacturers, producing chemicals, fertilisers, plastics and metals.
Global crude prices have halved since mid-2014 on worries over global oversupply and weak demand growth.
