The world’s biggest chemicals maker reported worse-than-expected earnings and said the global market remained fragile.
(Bloomberg) — The world’s biggest chemicals maker reported worse-than-expected earnings and said the global market remained fragile.
Saudi Basic Industries Corp. made net income of 660 million riyals ($176 million) in the first quarter, down 90% from the same period a year earlier. Analysts expected a profit of 790 million riyals, according to data compiled by Bloomberg.
“High inflation and interest rates continue to add to the uncertainty of global demand growth,” Sabic said in a statement. “We expect margins to remain under pressure” in the second quarter.
Sabic is majority owned by Saudi Aramco and has a market valuation of $72 billion, more than that of any other listed chemicals firm.
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