SABIC Profit Dropped

SABIC Profit DroppedSABIC Profit Dropped

Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemical maker by sales, reported a 29 percent drop in fourth-quarter profit as lower oil prices reduced returns from its own products. Net income dropped to $1.16 billion from $1.64 billion a year earlier, the company said, Reuters reported Sunday. Brent crude dropped 48 percent last year as rising production swelled supply.