Sabic profit plunges to lowest in 10 years on chemicals slump

On hold: Attendees walk past Sabic pavilion at an economic forum in St Petersburg, Russia. The petrochemicals maker has suspended talks with Clariant AG on their high-performance plastics venture.

DUBAI: Saudi Basic Industries Corp’s (Sabic) second-quarter profit plunged to the lowest level since 2009 as demand for chemicals and plastics declined.

Net income dropped to 2.12 billion riyals (US$565mil) from 6.7 billion riyals a year ago, the biggest petrochemicals maker in the Middle East said in a statement.