Profits of Saudi Sabic retreat

A press statement released yesterday by the Saudi Company for Basic Industries (Sabic) announced that the company's net profits decreased during the first nine months of the current year, where it recorded a reduction amounting to 51%.

The statement said that the value of the net profits amounted to 1.74 billion Saudi riyals.

In a phone call with ArabicNews.com Mohamed El-Moedi, the administrative manager of the company, related this great reduction in net profits to the retreat of the international prices, adding that the production of the company has been raised by 5% during the first nine months of the current year amounting to 19 million tons.