Saudi Arab

Saudi ’SABIC’ Lost $ 582 Million in 9 Months

The Saudi Basic Industries Corporation (SABIC) recorded a net loss of 2.18 billion riyals ($ 582 million) in the first nine months of 2020 year-on-year, amid lower product selling prices. “SABIC” attributed the reason to the decrease in the average selling prices of products, in addition to recording 1.55 billion riyals (414 million dollars) for a decrease in the value of some capital and financial assets.

The total revenues of the company in which Saudi Aramco holds a controlling stake decreased by 18.9% year-on-year to 84.11 billion riyals ($ 22.45 billion), from 103.72 billion riyals ($ 27.69 billion) in the same period of 2019.

The per share of the loss for the period was about 0.73 riyals, compared with a profit of 2.03 riyals in the corresponding period of 2019.

Source: Agencies

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