It attributed the fall to lower selling prices of its products and to a drop in the results of its associates and joint ventures. But SABIC profit for the whole of 2018 rose 17 percent on overall higher prices and an increase in sales, the company said. SABIC, which is among the top 10 global petrochemicals manufacturers in the world, posted a net profit of 21.54 billion riyals ($5.74 billion) in 2018 compared to $4.91 billion in the previous year.
Total revenues of the company, in which the government holds a 70-percent stake, rose 12.9 percent to $45.1 billion last year compared to $39.9 billion in 2017, according to the statement.