(MENAFN) Saudi Basic Industries Corp (Sabic), one of the world"s largest petrochemicals groups, reported a 29 percent plunge in quarter four net income, Saudi Gazette reported.
The Gulf largest listed company earned USD1.16 billion in the quarter to December 31 compared to USD1.63 billion in the year-earlier period, Sabic said in a bourse statement.
The company, which is 70 percent state-owned, attributed the fall in profits to lower average prices for the products which is sold, although this was partly offset by lower feedstock prices.
Sabic is considering refinancing two loans that fall due in June and November, an official said.
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