Saudi chemical giant registers $500m in losses 

0 8

Give Iftar and Sahur this Ramadan

Feeding the poor and needy is an act that draws us closer to Allah. We earn His forgiveness, mercies and blessings through this act of charity.

“Whoever gives food to a fasting person with which to break his fast will have a reward equal to his, without it detracting in the slightest from the reward of the fasting person” Al-Tirmidhi

YOU MIGHT ALSO LIKE

Saudi Basic Industries Corporation (SABIC) yesterday said it had suffered quarterly losses for the third time “due to low sales and impairments”.

SABIC, the world’s fourth largest chemical company, said recently it had incurred a loss of 2.22 billion riyals ($592 million) in the April to June quarter, compared to a net profit of 2.03 billion riyals ($541 million) in the corresponding quarter last year.  

The company’s CEO, Yousef Al-Benyan, told reporters that SABIC’s sales had seen a “significant decline” due to the “coronavirus pandemic impacting the supply and demand balance for our critical products and the resultant effect on prices and margins.”

Al-Benyan pointed out that there was a “potential implication on future demand driven by uncertainty we are seeing in the energy market,” adding that sales would “improve” but “current indications of a second or third wave of COVID-19 has put more pressure on demand.”

“Our view is that the second half is going to be more or less an average of the first half or a little bit better,” he noted.

SABIC’s profits were reported to have been dropping even before the pandemic due to a sharp fall in international prices. The company posted a net profit of $1.5 billion in 2019 compared to $5.74 billion the previous year.

Support Islam Religion Guardian
At the present time, we are running on very limited funds. In order for us to run Islam Religion Guardian service efficiently, we are in need of your generous support.

READ: US sends oil shipment to Saudi Arabia 

Middle East Monitor

Subscribe to our newsletter
Sign up here to get the latest news, updates delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy