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SABIC Profit Dropped
Energy

SABIC 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.

 

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