Thndr Claps » Uncategorized » SABIC profits drop in Q3 📉
The ClapSABIC’s (2010) profits declined in Q3 2022 by 67% YoY due to high sales, shipping, and distribution costs.
The DeetsSABIC recorded profits in Q3 of SAR 1.84 billion, the lowest since Q3 2020.
The company missed analysts’ expectations, who expected a net profit of SAR 5.14 billion riyals for the quarter.
SABICThe company was founded in 1977 and is the world’s second-largest petrochemical manufacturer by market capitalization.
Oil behemoth Aramco (2222) holds a 70% stake in the company.
Now WhatSABIC expects continued pressure on its profit margins in Q4 2022 due to the slowdown in global economic growth.
So WhatThe company’s shares fell more than 2% during early trading on the Tadawul on Sunday.
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