Sabic's Q4 profit drops 29% on low petchem prices

Profit stood at $821mn, down from $1.16bn for the same period a year earlier

Sabic is one of the world's largest petrochemical producers with assets in the Middle East, Asia and the Americas.
Sabic is one of the world's largest petrochemical producers with assets in the Middle East, Asia and the Americas.

Saudi Basic Industries Corp., (Sabic) posted a 29.4% drop in Q4 profits in 2015, as petrochemical prices took a plunge in recent months.

Sabic made a net profit of $821mn for the three-month period ending on 31st of December, down from $1.16bn for the same period a year earlier, the company said.

It attributed the decline to lower average sales prices, with a sharp drop in the metals segment.

Sabic's fourth-quarter results were also dragged lower by a $99.9mn impairment against equipment at its affiliate Arabian Industrial Fibers Company better known as Ibn Rushd.

The firm is 45% owned by SABIC, with the state-owned Public Investment Fund and other regional investors owning the balance.

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