Shares of Saudi petrochemical giant SABIC traded almost five percent lower on Monday after the firm reported a drop of 19.57 percent in full-year net profit.
Saudi Basic Industries Corp, the largest publicly traded firm in the Gulf, reported on Sunday its 2015 results and earnings for the fourth-quarter after markets closed.
Share prices throughout the energy-rich Gulf plunged on Sunday following a sharp fall in oil prices.
The Saudi Tadawul All-Shares Index closed down 5.44 percent to hit a five-year low before losses eased slightly on Monday.
SABIC reported 2015 net profit of 18.78 billion riyals ($5.01 billion), against 23.35 billion riyals for the previous year.
In a statement to Tadawul, the company blamed lower average sales prices and a sharp decline” in the metals sector.
SABIC cited the same factor for a 29.36 percent fall in fourth-quarter net profit to 3.08 billion riyals.
That compared with 4.36 billion riyals for the same period a year earlier.
SABIC is one of the largest global manufacturers of petrochemicals, fertilisers, plastics and metals.
It also operates wholly-owned Saudi Iron and Steel, which sells domestically.
Prices of both industrial metals and crude oil sank last year.
SABIC has previously said petrochemical prices have been affected by the drop in global crude prices from above $100 a barrel in early 2014.
Oil traded on Monday above $28 a barrel.
SABIC shares were down 4.71 percent at 61.75 in late trading Monday, against a 0.49 percent decline in the broader Tadawul.
