Basic Industries Corp News Today

(Bloomberg) -- Saudi Arabia’s top chemicals company reported a 62% drop in year-on-year profit as weak demand puts the industry under stress. Most Read from BloombergTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesFed to Signal Delay of Interest-Rate CutsThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire EconomyLilly Soars as Forecast Boost Shows Weight-Loss Drugs’ PowerSaudi Basic Industr...

Saudi Basic Industries Corp , one of the worlds biggest petrochemical companies, reported a 62% drop in first-quarter net profit on Wednesday, which the company partially attributed to a decline in...

Saudi Arabias top chemicals maker warned of considerable uncertainty for the industry.

(Bloomberg) -- Saudi Arabia’s top chemicals maker warned of “considerable uncertainty” for the industry after reporting a surprise full-year loss.Most Read from BloombergA Spike in Heart Disease Deaths Since Covid Is Puzzling ScientistsBYD’s New $233,450 EV Supercar to Rival Ferrari, LamborghiniStock Rally Stalls at Start of Data-Packed Week: Markets WrapShein Considers London IPO After US Resistance to ListingSaudi Basic Industries Corp., also known as Sabic, posted ...

Construction is expected to begin in Q1 2024

Saudi Basic Industries Corp will go ahead with building a petrochemical complex in southeastern Chinas Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties...

The complex will produce 1.8 million metric tons of ethylene per year and is designed to expand SABIC’s manufacturing presence in Asia.

SABIC has attributed the fall in revenue to a downturn in the global petrochemical market which continues to witness weak demand

Saudi Basic Industries Corp , one of the worlds biggest petrochemical companies, on Thursday posted an almost 17% dip in third-quarter revenues that swung its earnings into a net loss. ...

The company reported a $768m loss for the third quarter amid weaker demand