News Column

Sabic profits undershoot forecast

January 20, 2014

Saudi Basic Industries Corp (Sabic) , one of the world's largest petrochemical groups and the Gulf's biggest listed firm, reported a 5.7 per cent rise in fourth-quarter net income yesterday, missing forecasts. It earned 6.16bn riyals (1bn) in the quarter, up from a slightly revised figure of 5.83 bn riyals a year earlier, Sabic said. Operating profit rose much more slowly than net profit in the fourth quarter, edging up just 0.5 per cent to 10.30bn riyals .

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Source: City A.M. (UK)

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