RIYADH Jan 19 Saudi Basic Industries Corp
(SABIC), one of the world's largest petrochemical
groups and the Gulf's biggest listed firm, reported a 5.7
percent year-on-year rise in fourth-quarter net income, missing
It earned 6.16 billion riyals ($1.64 billion) in the
quarter, chief financial officer Mutlaq Morished told a news
conference on Sunday.
Seven analysts polled by Reuters had forecast, on average,
that SABIC would record a net profit for the quarter of 6.58
The company's results are closely tied to global economic
growth because its products - plastics, fertilisers and metals
- are used extensively in construction, agriculture, industry
and the manufacture of consumer goods.
SABIC chief executive officer Mohamed al-Mady told the news
conference that he expected 2014 to be slightly better than
2013, given forecasts for product prices to improve.