Saudi chemicals giant, Saudi Basic Industries Corp (SABIC), has missed its profit target for the third quarter due to a stalled recovery in the global chemical industry. According to Bloomberg, SABIC's net income fell 15% year-over-year to $2.6 billion, missing analysts' estimates. The company attributed the decline to weaker demand and higher raw materials costs.

Source: https://www.bloomberg.com/news/articles/2024-11-04/saudi-chemicals-giant-misses-on-profit-as-recovery-stalls