SABIC Saudi Arabia lost $ 592 million in the second quarter of 2020

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The Saudi Basic Industries Corporation (SABIC) recorded losses of 2.22 billion riyals (592 million dollars) during the second quarter of the year, compared to profits of 2.03 billion riyals (about 450 million dollars) during the same period in the previous year.

The company lost 3.27 billion riyals ($ 870 million) during the first half of 2020, compared to profits of 5.35 billion riyals ($ 1.470 billion) in the same half of last year.

The company said in a statement, Thursday, that this loss is due to a decrease in the average selling prices of products and quantities sold in addition to recording provisions for a decrease in the value of some capital assets amounting to 1.18 billion riyals ($ 318 million).

“SABIC” is the first petrochemical company in the Kingdom, and the Saudi oil company “Aramco” acquired 70% of its shares last June for $ 69.1 billion.

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