Business
Saudi chemical firm Sabic says inflation hurting industry’s recovery, net income down
The world’s biggest chemicals maker reported worse-than-expected earnings and said the global market remained fragile.
Saudi Basic Industries Corp. made net income of 660 million riyals ($176 million) in the first quarter, down 90 percent from the same period a year earlier.
For all the latest headlines, follow our Google News channel online or via the app.
Analysts expected a profit of 790 million riyals, according to data compiled by Bloomberg.
“High inflation and interest rates continue to add to the uncertainty of global demand growth,” Sabic said in a statement. “We expect margins to remain under pressure in the second quarter.”
Sabic is majority owned by Saudi Aramco and has a market valuation of $72 billion, more than that of any other listed chemicals firm.
Read more:
Russian oil welcome in India as trade booms, new refiner says
Saudi Crown Prince announces transfer of Aramco shares to PIF’s Sanabil Investments