RIYADH/DUBAI, Feb 28 (Reuters) - Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier. SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results. Demand from China, which ended its strict pandemic-related controls in early December, could return in the second quarter or second half of 2023, SABIC's acting Chief Executive Abdulrahman Al-Fageeh said. Net income attributable to shareholders for the year 2022 was 16.53 billion riyals, down 28% from the previous year.

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