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Regions :: Middle East :: Saudi Arabia

Sabic's first-quarter profit declines, shortage of gas is major constraint on growth

3:06 PM MDT | April 21, 2014 | Natasha Alperowicz

Sabic on Sunday reported a drop in first quarter earnings and said that a shortage of natural gas was limiting its domestic growth. Net profit was down 1.8% to 6.44 billion Saudi riyals ($1.72 billion) compared with the year-earlier period. CFO Mutlaq Al Morished said sales in the first quarter climbed to SR49.5 billion from SR46.8 billion in the first quarter of 2013. Lower prices for some of its products offset rises in output and sales volumes, while expenses related to sales and administration increased.   Sabic’s CEO Mohamed Al Mady said that a...

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