World’s Biggest Chemical Firm Sees Profit Plunge on Slow Economy
- Sabic profit drops 86% to 1.18 billion riyals in 2nd quarter
- Company says global economy is “continuously slowing down”
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The world’s most valuable chemicals maker saw profit plunge by 85% in the second quarter as the global economy weakened.
Net income declined to 1.18 billion riyals ($315 million) from 7.9 billion riyals a year ago, Saudi Basic Industries Corp. said in a statement.