S Arabia’s SABIC Q4 net income falls by 18.6% on turnarounds

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SINGAPORE (ICIS)–SABIC’s net profit fell by 18.6% year on year to Saudi riyal (SR) 3.67bn ($980m) in the three months to 31 December on the back of reduced output from planned turnarounds, the chemicals major said over the weekend.

Gross sales rose by 5% year on year to SR150.4bn in the third quarter, the company said in a statement on the Saudi bourse, Tadawul, on 28 January.

Gross profit rose by 13.7% year on year to SR12.6bn while operational profit was up by 7.95% at SR6.65bn, it said.

For the full year of 2017, SABIC’s net profit rose by 4.49% year on year to SR18.4bn on higher selling prices and lower expenses, it added.

Gross sales rose by 4.49% year on year to SR150.4bn in 2017 while gross profit was up by 6.46% at SR50.3bn.

Operational profit for the full year was up by 13.5% at SR29.4bn.

SABIC last week became the biggest shareholder of Swiss specialty chemicals maker Clariant after buying a 24.99% stake in the company.

($1 = SR3.75)