© Reuters. FILE PHOTO: A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia October 27, 2013. REUTERS/Faisal Al Nasser/File Photo
DUBAI (Reuters) – Saudi Basic Industries Corp’s (SABIC) net profit for the fourth quarter fell 94% on lower average sales prices, the petrochemicals firm said on Tuesday.
SABIC posted a net income of 0.29 billion riyals ($77.28 million) in the three months to Dec. 31, down from 4.97 billion riyals in the year-earlier period, the company said in a statement.
Prices across its main petrochemicals segments, chemicals, polyethylene and performance polymers were lower in the fourth quarter when compared to the quarter previous, it said, adding that margins are expected to continue being under pressure in the first half of 2023, partly due to slow demand.
Net income attributable to shareholders for the year 2022 came in at 16.53 billion riyals ($4.40 billion), down 28% from the previous year.
($1 = 3.7527 riyals)