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Sabic Q1 2023 profit drops 90% to $176m on lower sales

By Pramod Kumar
The Sabic HQ in Riyadh. The petrochemicals factory in China will have an annual ethylene capacity of up to 1.8 million tonnes Sabic
The Sabic HQ in Riyadh. The petrochemicals factory in China will have an annual ethylene capacity of up to 1.8 million tonnes

Saudi Basic Industries Corporation (Sabic), one of the largest global petrochemical companies, saw its net profit for the first quarter of 2023 tumble 90 percent to SAR660 million ($175.98 million) from SAR6.47 billion a year earlier.

Revenue fel...

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