Coronavirus: SABIC expects more significant impact in second quarter earnings

A general view of SABIC headquarters in Riyadh, Saudi Arabia. (File photo: Reuters)

Saudi Basic Industries Corp (SABIC) expects a more significant impact on its business from the coronavirus pandemic in the second quarter, its chief executive said on Monday after the company reported a loss in the first quarter.

Yousef al-Benyan told an earnings briefing that the company expects current circumstances will last until the end of 2020, as the coronavirus has hurt global economic growth and dampened energy prices, leading to a decline in petrochemical prices.

SABIC, the world’s fourth-biggest petrochemicals firm, reported a net loss in the first quarter of 950 million riyals ($252.89 million), citing impairment losses on assets and lower demand for its products in the wake of the coronavirus pandemic.

Read more:

Coronavirus: Saudi Arabia tests new ‘Tawakkalna’ app aimed at managing curfew permits

Saudi Arabia says unlicensed ‘Kingdom Island’ project is not part of Vision 2030

Saudi Aramco receives unconditional clearance from EU on SABIC purchase

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 10:02 - GMT 07:02
Top