SABIC optimistic despite lower profits, says CEO

Saudi Basic Industries Corporation’s (SABIC) management and operational costs have improved during first quarter of the year, and the company has added new products, acting chief executive Yousef Al-Benyan, told al-Arabiya television earlier this week.

Despite this quarter’s profit slump due to weak oil prices, SABIC plans to continue exploring investments, as well as benefiting from U.S. shale gas, Al-Benyan said. He added that as much as 30 percent of the company’s products are currently being sold to China.

The Middle East's largest petrochemicals producer saw its profit decline 39 percent to SAR 3.93 billion in first quarter, according to data compiled by Argaam.

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