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Sabic’s Profit Plummets On Global Downturn

9:25 AM MST | January 26, 2009

Sabic’s fourth-quarter 2008 net profits dropped 95%, to SR311 million ($83 million) compared with the year-earlier period. The figure is also down 96% on Sabic’s third-quarter 2008 earnings. Sales were not disclosed. Operating profits in the fourth quarter were down 86% year-on-year, to SR1.61 billion. Sabic reported net profits down 19%, to SR22 billion for the whole of 2008. Annual operating profits for the whole of 2008 decreased 9%, to SR37.27 billion. Production volumes were up 2% in 2008, but volumes sold were 1% lower than in the previous year...

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