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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.
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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