(MENAFN) Saudi Basic Industries Corp (SABIC), one of the prime petrochemicals groups worldwide, recorded a net profit of USD1.64 billion in the second quarter of the year, Reuters reported.
The sum represents a decline of 4.5 percent year-on-year, which is much lower than what has been forecast. Last year, SABIC's net profit was logged at USD1.72 billion.
Analysts have forecast that the company would make a net profit of USD1.32 billion for the quarter. SABIC attributed the decline to lower-than-average sale prices.
The company's results are closely tied to oil prices and global economic growth because its products: plastics, fertilizers and metals, are used extensively in construction, agriculture, industry and the manufacturing of consumer goods.
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