Saudi Basic Industries Corp (Sabic) reported a net profit of SR5.22 billion ($1.39 billion) for the third quarter of this year, a 6.8 per cent decline compared to the same period last year.

The petrochemicals giant had reported SR5.6 billion profit in the year-earlier period.

Sabic attributed the profit fall to lower average sales prices and a reduction in the quantity of products sold, which outweighed the benefits gained from a decrease in costs, said a Reuters report.

Sabic's products include plastics, fertilisers, steel and other metals.