Saudi state-led petchems giant Sabic boosted its net profits by 16.8% to SR21.54bn ($5.74bn) for 2018 thanks to a 6% rise in production and sales volumes coupled with increased selling prices “in line with the higher oil price environment.” Average prices for Saudi Arab Light crude rose 33.5% to $70.34/B for 2018.
Conversely, Q4 earnings for both Sabic and other Saudi petchems firms were hit by a fall in selling prices in line with lower crude prices. Sabic’s SR3.24bn ($864mn) Q4 net profit was down 47% on Q3’s $1.63bn and the lowest figure since 1Q 2016 (see charts). (CONTINUED - 734 WORDS)
