Major Saudi Petchem Company Records $253.3m Losses in 3 Months
TEHRAN (Tasnim) – A major Saudi petrochemical company has recorded losses of $253.3 million in the first three months of 2020. a report said.
The figures for Saudi Basic Industries Corporation (SABIC) compare badly with net revenues of $909.3m during the same period last year.
Based in Riyadh, SABIC is one of the largest petrochemical firms in the world. The Saudi government owns 70 percent of the company.
Its losses are due to a rapid decline in sales, while the company’s capital value has also fallen by almost $300m, the Middle East Monitor reported.
SABIC blamed the losses on the fall in demand of its products due to the coronavirus pandemic. It warned that the impact of the crisis will probably stretch into the second quarter and possibly the rest of the year.
