Saudi Basic Industries Corp (Sabic), a leading petrochemicals conglomerate, posted a net profit of SR3.71 billion ($989.16 million) for the second quarter of this year, a 25 per cent decline from the same period last year.

The profits dropped (from SR4.96 billion) amid higher selling costs and lower sales, a Reuters report said.
 
The company's results are closely tied to oil prices and global economic growth because its products -- plastics, fertilisers and metals -- are used extensively in construction, agriculture, industry and the manufacturing of consumer goods.