Sabic’s Q1 profit inches down 1.8%

Saudi Basic Industries Corp, or Sabic, reported a dip in its quarterly earnings on Sunday as its chief executive officer Mohamed Al Mady said a shortage of natural gas was limiting its domestic growth, making expansion abroad vital.

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Published: Mon 21 Apr 2014, 10:31 PM

Last updated: Fri 3 Apr 2015, 5:53 PM

Sabic, the biggest listed company in the Gulf and one of the world’s largest petrochemical firms, said net profit slipped 1.8 per cent from a year earlier to SR6.44 billion ($1.72 billion) in the first quarter of 2014.

That was slightly below the average forecast of analysts polled by Reuters, who had predicted a quarterly profit of SR6.79 billion.

Chief financial officer Mutlaq Al Morished said sales in the first quarter climbed to SR49.5 billion from SR46.8 billion a year earlier.

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