SABIC gains despite lower Q1 earnings
The Saudi Arabian Tadawul All Share Index surged by 1.11 per cent to 9,636.17 points on Sunday, April 20. SABIC edged up by 1.43 per cent to SAR115.25. Earlier in the day, the world’s largest producer of petrochemical products said it earned a net income of SAR6.44 billion ($1.76bn) in the first three months of this year, representing a 1.83 per cent year-on-year decrease. The firm said the decline in profit was triggered by lower sales prices, although sales volumes increased; expenses for SABIC’s administration also increased.