Riyadh-Mubasher: Saudi Basic Industries Corp.’s (SABIC) on Wednesday reported a net profit fall of 23.18% year-on- year to SAR 4.74 billion ($1.26 billion) in the second quarter of 2016 from SAR 6.17 billion ($1.64 billion).

The decline was ascribed to lower average sales price, added to an impairment against the assets of Ibn Rushd subsidiary at a value of SAR 761 million, in which SABIC’s share amounted to SAR 366 million, according to a bourse filing.

SABIC’s Q2 results beat the estimates of eight research companies, with an average of SAR 3.82 billion.

The Saudi-listed company’s profit also was down 19.49% to SAR 8.14 billion ($2.17 billion) in the first half of 2016 from SAR 10.11 billion ($2.69 billion) in the same period of 2015.