Saudi chemical giant Sabic is missing out on profits as the recovery stagnates

Saudi Arabia’s largest chemicals company missed analysts’ profit expectations last quarter, as the sector continues to grapple with a challenging recession.

Saudi Basic Industries Corp.also known as Sabic, posted a profit of 1 billion riyals ($266 million) in the third quarter, according to a statement Monday. That is more than a year ago, when the company suffered losses due to the sale of its steel unit, but lower than in the second quarter and lower than estimates of around 1.6 billion riyals.