Riyadh – Mubasher: Sadara Basic Services reported a 24.2% year-on-year increase in the loss of its parent Sadara Chemical company during the third quarter of the fiscal year 2019.
The company’s net loss after zakat and tax surged to SAR 1.487 billion in Q3-19, compared to SAR 1.197 billion in the year-ago period, according to a bourse statement released on Thursday.
Sadara ascribed the loss hike in the third quarter to “lower product prices across all segments; lower products margin performance; and impact of a third-party industrial supplier issue which has since been resolved”, as per the statement.
In the first nine months of 2019, Sadara Chemical’s loss after zakat and tax reached SAR 3.879 billion, compared to SAR 2.354 billion a year earlier.
