AFP, Riyadh :
Saudi petrochemicals giant SABIC said Sunday its net profit was down 21.63 percent to 10.11 billion riyals ($2.69 billion) in the first half compared with 2014, because of lower prices.
A Saudi Basic Industries Corp statement said it saw a second quarter net profit of 6.17 billion riyals, down 4.49 percent from the same period in 2014 but up 57 percent compared with the first quarter of 2015.
SABIC attributed the decline in profits to “lower average selling prices” for its products on the international market.
The largest company listed on Saudi Arabia’s stock exchange, SABIC is one of the largest global manufacturers of petrochemicals, fertilisers, plastics and metals.
The oil-rich Gulf kingdom, a leading member of the Organization of Petroleum Exporting Countries (OPEC), is suffering the consequences of the fall in crude oil prices, which have lost nearly half their value since June 2014.
