The abrupt fall in global demand for petrochemicals and plastics led quarterly net profit at Saudi Arabian petrochemicals giant Sabic (Riyadh; www.sabic.com) to nearly evaporate in the fourth quarter of 2008. Earnings plunged by 95% to SAR 311m (EUR 63m), the group said in a preliminary report. Operating profit receded by 86% to SAR 1.6 bn (EUR 324m). Thanks to a better performance in preceding quarters, full year net earnings declined by "only" 19 % and the annual operating result by 9 %. Sabic did not disclose sales figures. Analysts expressed shock over the earnings collapse at the largely state-owned Middle East producer with access to inexpensive feedstock.
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