DUBAI: Saudi Basic Industries Corp (SABIC), one of the world’s biggest petrochemical companies, said on Thursday its second-quarter net profit slumped 85% on lower average sales prices.

The company posted a net income of 1.18 billion riyals in the three-month period ended June 30, compared with 7.93 billion riyals in the year-earlier period.

“The global economy is continuously slowing down as a result of tightening monetary policies to confront inflation, leading to weaker demand and a decrease in the average selling prices of the company’s products as well as lower quantities sold,” SABIC said in an earnings release.