SABIC posts 5% decline in first quarter net profit

Saudi Basic Industries Corporation (SABIC), the biggest petrochemical company in the world by market value, posted a 5% decline in net profit for the first quarter of the year. The company attributed the decline to China’s economic slowdown. “China was growing at a higher rate (before), then there was a slowdown in its economy, also the European slowdown…and high oil prices had an impact on raw materials cost,” said Mohamed al-Mady, SABIC’s chief executive. The petrochemical firm had a total net profit of US$1.94 billion. (April 17, 2012)