Sabic's first-quarter net profit, sales down on lower selling prices, slowing demand growth

摘要

Sabic reports a 38.1% drop in first-quarter net profit to 3.41 billion Saudi riyals ($909.3 million) and a 10.7% decrease in revenue to SR37.37 billion compared with the year-earlier quarter. The company cites lower average selling prices, slowing demand growth, slow start to the year, and a relatively high level of inventories. Announcing the results in Riyadh, Sabic CEO, Yousef al-Benyan, said that Sabic’s performance was robust despite major challenges facing global markets. “Sabic has demonstrated strength and resiliency in our financial performance under challenging market conditions.