Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) reported a 38.1% year-on-year net profit decline in the first quarter of 2019.

SABIC’s net profits retreated to SAR 3.41 billion ($910.64 million) in Q1-19 from SAR 5.51 billion ($1.471 billion) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The company attributed the net profit decline to lower average selling prices.

Quarter-on-quarter, the mega petrochemical maker’s profits rose 5.2% from SAR 3.24 billion in Q4-18.

Revenues plunged 10.7% to SAR 37.37 billion in the first three months of 2019, compared to SAR 41.86 billion in the year-ago period.

Meanwhile, total shareholders’ equity, after deducting minority rights, grew 2.2% year-on-year to SAR 175.05 billion from SAR 171.33 billion in Q1-18.

As for Q4-18, SABIC’s profits slid 12.4%, logging SAR 3.24 billion from SAR 3.7 billion in Q4-17.

For the full-year 2018, the company’s profits amounted to SAR 21.54 billion, rising 16.87% from SAR 18.43 billion in 2017.