Riyadh – Mubasher: Saudi Basic Industries Corp. (SABIC) disclosed its initial financial results for the second quarter of 2019.
Net profits after zakat and tax plunged by 68.3% to SAR 2.12 billion in Q2-19, compared to SAR 6.7 billion in Q2-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul).
The company attributed the decrease in net income to lower average selling prices and a decrease in the share of results of associates and joint ventures.
Similarly, revenues decreased by 17.12% to SAR 35.87 billion in Q2-19, from SAR 43.2 billion in the same period a year earlier.
For the first half of 2019, net profits of SABIC retreated by 54.7% to SAR 5.52 billion, versus SAR 12.2 billion in H1-18.
Revenues of the Saudi firm went down by 13.9% year-on-year to SAR 73.2 billion during the first six months of 2019.
Profit per share registered SAR 1.84 in H1-19, from SAR 4.07 in the same period of the previous year.
