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SABIC Q4 profit disappoints; hits lowest level in 6 years

SABIC Q4 profit disappoints; hits lowest level in 6 years
YANSAB
2290
-2.69% 38.00 -1.05
SABIC AGRI-NUTRIENTS
2020.B
1.52% 133.60 2.00
SAUDI KAYAN
2350
-1.13% 10.46 -0.12

Default Company
2010.O
0.00% 0.00 0.00

By Mohamed Abu Meleeh:

Riyadh-Mubasher: Giant petrochemical producer Saudi Basic Industries Corporation (SABIC) posted on Sunday SAR 4.36 billion net profit for the fourth quarter of 2014, which is the lowest quarterly profit in six years (since the third quarter of 2009).

The company’s Q4 earnings are 29.22% lower than SAR 6.16 billion reported in Q4-13 and 29.45% lower than SAR 6.18 billion posted in Q3-14.

SABIC attributed the profit fall to the decline in average sale prices.

The profit slide was trimmed by the decline in cost of some raw materials.

Commenting on the results, Abdullah Alawy, deputy GM, Al-Jazira Capital, said they were shocking and surprising as they missed forecasts at a large extent.

He told Mubasher that the company’s detailed financial results should be reviewed to define the reasons for such a decline.

The analyst expected SABIC’s results to weigh on investor sentiment and thus cause market slide.

Photo Credit: Arabianeye-Reuters