Sabic Reports Lower Fourth-Quarter Profits, Says 2013 Should Be Better

Sabic reported a 10% drop in net profit in the fourth quarter of 2011 to SR5.24 billion ($1.4 billion) on 15% higher sales at SR47 billion. Speaking at a press conference on Tuesday, CEO Mohamed Al Mady said that 2011 started well but there was a slowdown toward the end of the year when petrochemical prices declined. The company has seen an improvement in prices this year, however. “My prediction is, hopefully, that 2012 will be a mirror image of 2011, that it will start slow and then pick up a bit toward the end of the year and then 2013 will really be...

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