The world’s biggest chemicals maker saw profit slump in the fourth quarter as the global economy slowed.
(Bloomberg) —
The world’s biggest chemicals maker saw profit slump in the fourth quarter as the global economy slowed.
Saudi Basic Industries Corp. said earnings fell to 290 million riyals ($77 million) in the fourth quarter, the weakest result since the height of the coronavirus pandemic in mid-2020.
Rising inflation and interest rates caused demand for chemicals, often seen as an economic bellwether, to drop in the second half of 2022. Soaring energy and transport costs further narrowed profit margins.
“Margins to continue being under pressure in the first half of 2023 due to slow demand and additional new capacities for our major products,” Sabic said.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.