Sabic Profit Sinks to Lowest in 10 Years on Chemicals Slump
- Second-quarter profit drops 68%, missing lowest estimate
- Global economic slowdown dents demand for plastics, chemicals
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Saudi Basic Industries Corp.’s second-quarter profit plunged to the lowest level since 2009 as demand for chemicals and plastics declined. The shares fell.
Net income dropped to 2.12 billion riyals ($565 million) from 6.7 billion riyals a year ago, the biggest petrochemicals maker in the Middle East said in a statement. The average estimate of five analysts was for a profit of 3.37 billion riyals.