Saudi Basic Industries Corporation announced earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net profit of SAR 3.08 billion against SAR 4.36 billion a year ago, a 29.4% in fourth-quarter net profit on due to lower prices for its products particularly in its metals division. Operational profit for the fourth quarter ended December 31, 2015 was SAR 4.36 billion, compared to SAR 7.4 billion for the same quarter ended December 31, 2014.

Net profit for the year ended December 31, 2015 was SAR 18.78 billion, or SAR 6.26 per share, compared to SAR 23.35 billion, or SAR 7.78 per share, for the year ended December 31, 2014. Operational profit for the year ended December 31, 2015 was SAR 28.44 billion, compared to SAR 37.73 billion for the year ended December 31, 2014.

For the quarter, the company reported SAR 375 million impairment against equipment at its Ibn Rushd unit.