Saturday 26 September 2020

Sabic posts fourth-quarter net loss

RIYADH, January 29, 2020

Saudi Basic Industries Corp (Sabic) posted a fourth-quarter net loss of SR720 million ($192 million), compared to a profit of SR3.22 billion ($857.90 million) during the same quarter a year earlier, said a report.

The first quarterly loss in over a decade was due to lower average selling prices and a writedown at an affiliate, added the Reuters report.

Sabic CEO Yousef Al-Benyan said a slowdown in economic growth, particularly in China and Europe, had weighed on the petrochemicals industry.


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