Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) announced on Wednesday its interim financial results for 2019.
SABIC reported a decline in net profit after Zakat and tax by 73.8% to SAR 5.63 billion last year, down from SAR 21.52 billion in 2018.
The decrease in profits is mainly attributed to lower average selling prices and impairment provisions in Ibn Rushd that amounted of SAR 2.8 billion, with SABIC’s share standing at SAR 1.3 billion, as well as SAR 1.5 billion in its investment in Clariant AG.
As for the fourth quarter (Q4) of 2019, SABIC recorded a net loss of SAR 720 million, against a net profit of SAR 3.22 billion for the same period in the prior year.
