Riyadh – Mubasher: Saudi Basic Industries Corporation's (SABIC) profits fell 4.95% year-on-year in 2016.

Net earnings decreased to SAR 17.84 billion in 2016 from SAR 18.77 billion in 2015, according to a bourse filing on Wednesday.

The fall in net profits was attributed to lower average sales prices and higher zakat provision, adding to a decrease in cost of sales as well as general and administrative expenses.

Revenues dropped 10%, reaching SAR 132.83 billion in 2016 compared to SAR 148.09 billion in 2015.