The giant drowns in red for Q2 2016
SABIC reported a 23.2% drop in second-quarter net profit to SAR4.74bn. So, the profit amounted to SAR8.1bn for the first half of 2016, a decrease of 19.5% year-on-year (YoY). Q2 sales fell 18.1% YoY to SAR34.5bn.Saudi Basic Industries is engaged in manufacturing, marketing and distribution of chemical, fertilizer and metal products in global markets. Co.'s chemical productions consisted of polyethylene, polypropylene and advanced thermoplastics, glycols and methanol. Co.'s operations consist of the following business segments: the Chemicals segment, which includes basic chemicals, intermediates, polymers and specialty chemicals; the Fertilizers segment, which consists of fertilizer products; and the Metals segment, which consists of steel products. Co. also maintains investment activities through SABIC Industrial Investments.
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