innovaSabic's profit down close to 30% as oil prices continue to slide

摘要

Sabic yesterday reported lower earnings and revenues but pledged to continue with its growth strategies. Net profit in the fourth quarter of 2014 was down 29.2% to 4.36 billion Saudi riyals ($1.16 billion) and sales were 10.0% lower at SR43.4 billion. Operating profit in the fourth quarter was down 26.3% to SR7.56 billion. Net profit for the full year was down 7.3% to SR23.43 billion and operating profit for the year were down 8.8% to SR39.8 billion. The company cites lower prices, which were partially offset by lower costs of some feedstocks, for the decline in profits.