SABIC reports 25 drop in profit

摘要

SABIC on Sunday reported a 25 drop in second-quarter net profit to 3.71 billion Saudi riyal ($988.9 million) and a 27 lower operating profit of SR5.43 billion. Sales were down 3 at SR35.05 billion, but rose 3 in the first six months of this year to SR72 billion, compared with the year-earlier period. CEO Yousef al-Benyan attributed the decrease to three main factors: a loss at Hadeed, SABIC's steel production subsidiary; a 4 decline in product prices from the previous quarter; and a writedown of assets at SABIC's Ibn Rushd manufacturing affiliate by $154 million, of which SABIC's share is $74 million.