Sabic profits, sales down on lower prices, impairment charges

摘要

Sabic on Sunday reported a 29.4% drop in fourth-quarter net profit to 3.08 billion Saudi riyals ($821.6 million). This was a 45% decline from the SR5.6 billion reported in the third quarter of 2015. Full-year 2015 net profit was down 20% at SR18.78 billion. 2015 sales were down 20.7% to SR149.17 billion ($39.77 billion). Sabic cites lower sales prices, particularly the sharp decline in prices in its metals segment. Hadeed, its iron and steel subsidiary, made a net loss of SR1.1 billion in the fourth quarter, despite a reduction in its cost of sales. Sabic’s fourth-quarter results were also hurt by a SR375 million impairment against plant and equipment at its Ibn Rushd subsidiary.