By Maged Al-Shabib
Riyadh-Mubasher: Saudi cement and petrochemical sectors have dropped by 15.3% and 19%, respectively, since the government decided to raise energy prices on 28 December.
Nearly 80% of local companies announced that their Q1-16 financial statements will be impacted by raising energy prices.
The cement and petrochemical sectors, which were hit most by the decision, suffered market losses of SAR 76.3 billion, of which SAR 9.19 billion were dominated by the cement, while the remaining SAR 67.12 billion were incurred by the petrochemical.
Petrochem was the biggest loser, diving 31.5%, followed by Sipchem which dropped 30.6%. Saudi Industrial Investment Group came third with a fall of 28%.
The petrochemical sector closed Thursday at its lowest since May 2009, while the cement sector ended at its lowest since April 2011.
Translated by Abdul Maguid Aboshahla
