money and business
The Saudi Basic Industries Corporation announced a net loss of US $ 253.3 million during the first quarter of 2020, compared to a net profit of US $ 909.3 million during the same period in 2019.
According to the Saudi newspaper “Al-Iqtisadiya” today, Monday, the reason for achieving the net loss during the current quarter is due to a decrease in the average prices of selling products, in addition to recording provisions for a decrease in the value of some capital and financial assets amounting to 1.1 billion riyals ($ 293.3 million).
Included in the loss is what was announced on February 18, related to the “Altem” plant in Cartagena, Spain, at 713 million riyals ($ 190 million).
According to the company’s website, “SABIC” was ranked among the largest petrochemical manufacturers in the world, which is a Saudi public company based in Riyadh.
The Saudi government owns 70 percent of the company’s shares, while the rest is traded on the Saudi Stock Exchange.
SABIC operates in more than 50 countries around the world, with a global workforce of more than 33,000 qualified individuals.