Reuters logo
Saudi SABIC's Q4 profit up 5.7 pct, below forecasts
January 19, 2014 / 6:25 AM / 4 years ago

Saudi SABIC's Q4 profit up 5.7 pct, below forecasts

RIYADH, Jan 19 (Reuters) - 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 analysts’ forecasts.

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 billion riyals.

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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below