Saudi petrochemical companies have witnessed a decline in revenues of 31 per cent during the first half of 2015 according to a report by the country’s stock exchange on Wednesday.
The companies made a profit of 12.8 billion riyals ($3.4 billion) compared to 18.5 billion riyals in the same period last year.
There are 14 Saudi petrochemical companies, the largest of which is SABIC. Out of the 14 companies, five recorded losses during the first half of the year and five sustained a profit decline, while the earnings of three others increased.
In a statement through the stock exchange website, the Saudi companies said that the decline in profits was a result of the lower selling price for their products.