Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) reported SAR 70 million in annual net profit after zakat and tax in 2020, registering a 98.65% decline compared with SAR 5.2 billion in 2019.
Profit per share decreased to SAR 0.02 per share, down from SAR 1.73 in the previous year, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The drop is profits was attributed to the lower average selling prices in most products, as well as recording impairment provisions in certain capital and financial assets.
It is worth noting that SABIC’s interim financial results previously showed a net profit of SAR 2.22 billion in the fourth quarter (Q4) of last year, with a SAR 40 million net profit for 2020.
