Sabic slips but measures in place, says Al-Mady

Sabic revealed a 23% slide in third-quarter profit as a result of slow global economic activity. Net income fell to £1bn, down from £1.3bn a year earlier,
Mohamed Al-Mady, Sabic’s vice-chairman and CEO, said: “We are continuing to augment our operational performance at our plants and we have adopted different strategies to introduce cost-effective measures in our manufacturing processes. Moreover, our diversified product portfolio helps in creating new opportunities for us in global markets.”
Al-Mady attributed the decrease in profits for Q3 2012 as against Q3 2011 to a drop in prices. Despite an increase in overall production and sales during the last nine months, bottom line numbers fell.
“We are confident that Sabic, with our global reach, is ready and capable of facing major global challenges and trends, and in the process, bring in sound returns for our shareholders,” he said.