Saudi Basic Industries Corporation (Sabic), the world’s largest chemicals company by market value, has registered a 2.3 per cent drop in third-quarter profit, in line with forecasts.

Sabic made SR7.24 billion ($1.93 billion) in the three months to September 30, down 2.3 per cent from the year-earlier period, the company said in a statement posted on the bourse website.
It was the first time Sabic showed a year-to-year slide in quarterly profits since the second quarter of 2006.
Announcing the net preliminary consolidated profits, Sabic vice chairman and chief executive officer, Mohamed Al-Mady, said its net profit for the first nine months of 2008 soared to SR21.7 billion up 8 per cent when compared with SR20.16 billion in the same period last year.
Profit per share increased to SR7.24 compared to SR6.72.
Sabic said its consolidated preliminary operating profits rose 20 per cent to SR35.58 billion for the third quarter of 2008 when compared to SR29.64 billion in the same period last year. 
“There is no impact on Sabic’s financial operations as a result of the existing financial crisis. Loans necessary to finance projects buildup and existing expansions have been completed in ample time prior to the start of the current crisis,” Al-Mady observed.
“However, the expected global recession may lead to a decline in demand for products in most of the international markets,” he added.