RIYADHDUBAI, Feb 28 Reuters Saudi Basic Industries Corp SABIC, one of the world39;s biggest petrochemical companies, said on Tuesday its fourthquarter net profit slumped 94 on lower average sales prices.

The company posted a net income of 290 million riyals 77.28 million in the threemonth period ended Dec. 31, down from 4.97 billion a year earlier.

SABIC39;s shares fell 4 to 88 riyals in early trade in Riyadh following the results.

Prices across the company39;s main petrochemicals segments, chemicals, polyethylene and performance polymers were lower in the fourth quarter, SABIC said, adding that margins were expected to remain under pressure in the first half of 2023 amid slow demand.

Chemicals giant Dow Inc last month forecast currentquarter revenue below estimates, while Abu Dhabi39;s Borouge, a polyefins producer, earlier this month announced a 400 million cost savings drive to navigate inflation and supply chain disruptions.

Demand from China, which ended its strict pandemicrelated controls in early December, could return in the second quarter or second half of 2023, SABIC39;s acting Chief Executive Abdulrahman AlFageeh said.

There had been little rise in demand from China since its reopening and did not match the lift seen in 2021, AlFageeh added. Until today, we cannot see the higher demand which was expected to take place.

Net income attributable to shareholders for the year 2022 was 16.53 billion riyals, down 28 from the previous year.

SABIC39;s earnings…