Volatile oil prices cloud SABIC's future growth, says CEO

19/01/2015 Argaam

Fluctuating oil prices are clouding the outlook for the future performance and growth of Saudi Basic Industries Corporation (SABIC), said chief executive Mohamed Al-Mady.

“Demand is still strong, pushing sales two percent higher,” he said in a press conference, commending on the company’s quarterly results.

The 30 percent decline in the petrochemical producer’s net profit in the fourth quarter was driven by a 10 percent slump in oil prices, he added.

SABIC reported on Sunday a net profit of SAR 4.36 billion for fourth quarter 2014, a 29-percent drop year-on-year. 

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