SABIC posts 67% fall in Q3 profit on higher costs

Petrochemicals firm Saudi Basic Industries Corp (SABIC) (2010.SE) said on Sunday it expected margins to be under pressure in the fourth quarter as its third quarter net profit fell 67% year-on-year on higher costs and an impairment charge, Qazet.az reports according to SABIC.

SABIC's net profit fell to 1.84 billion riyals ($489.62 million) from 5.59 billion riyals in the third quarter of 2021.

The petrochemicals giant said in a stock exchange filing an impairment provision of 510 million riyals "was recognized on financial assets," without giving details.