Saudi SABIC profit drops 1.8 percent in Q1

(MENAFN) Saudi Basic Industries Corp. (SABIC) said that its earnings in the first quarter of 2014 were lower than expected as it posted a drop in earnings, according to Arab News. The company said that a shortage of natural gas was limiting its domestic growth, making expansion abroad vital. Net profit of SABIC, the biggest listed company in the Gulf and one of the world"s largest petrochemical firms, dropped by 1.8 percent in the first quarter of the current year compared to the same period 2013 to reach USD1.72 billion. That was slightly lower than the expected average, which was USD1.810 billion quarterly profit.