SABIC’s outlook for the Chinese market is positive: CEO

Saudi Basic Industries Corp​oration​’s (SABIC) outlook is positive for the Asian petrochemicals market because of growth in China, while Africa looks promising for future investments, acting chief executive, Yousef ​Al-Benyan, told reporters

Oil and petrochemicals prices were​ "out of control," but the company is in a position to achieve sustainable growth on the back of a four ​percent gross domestic product growth expected in Saudi Arabia this year, he added following the company’s release of lower-than-expected results, according to Reuters. 

Revenues dropped 28 percent to SAR 35.56 billion in the first quarter, compared to the same period last year​, and 18 percent less than​ Q4-2014​. 

​net ​profit declined 39 percent to SAR 3.93 billion in the first quarter.