Saudi petrochemical giant s profits fall dramatically February 1, 2021 at 9:30 am | Published in: Middle East, News, Saudi Arabia
The offices of Sabic, the world s largest petrochemicals firm by market value, in the Saudi capital Riyadh on January 20, 2009 [AFP via Getty Images] February 1, 2021 at 9:30 am
The net profits of Saudi Arabia s Basic Industries Corporation (SABIC) fell by 99.2 per cent last year compared with 2019, the company s data on the local stock exchange website has revealed.
SABIC is the largest petrochemical company in the Middle East. It said on Sunday that its net profits have fallen from SAR 5.2 billion ($1.4 billion) in 2019 to SAR 40 million ($10.7 million) last year. Total sales revenues fell by 13.61 per cent during 2020, to SAR 116.9 billion ($31.17 billion), down from SAR 135.4 billion ($36.1 billion) on a year by year basis.
Monday, 1 February, 2021 - 12:00
Saudi Basic Industries Corp (SABIC) headquarters in Riyadh, Saudi Arabia (File photo: Reuters) Riyadh - Asharq Al-Awsat
Saudi Basic Industries Corporation (SABIC) ended a difficult year with a net profit of SR2.2 billion, despite the losses incurred during the first three quarters, which were reflected in the global demand for energy products.
In the first quarter of 2020, the company recorded a loss of SR1.04 billion, which further increased during the second quarter to SR2.2 billion, while the situation improved during the third quarter, recording a net profit of SR1.08 billion.
SABIC’s financial results for Q4 of 2020 showed a 104 percent quarter-on-quarter increase in net profit, with revenues amounting to SR32.85 billion and a net profit of SR2.22 billion.
Saudi Basic Industries Corp, the world's fourth-biggest petrochemicals firm, expects business performance to be positive in the first quarter of 2021 after an uptick in chemical prices but remains cautious given COVID-19 uncertainty, its CEO said on Sunday.
KSA Business: Sabic posts $592m profit for Q4 2020 gdnonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gdnonline.com Daily Mail and Mail on Sunday newspapers.