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.