Saudi SABIC profits down 74% in 2019 | ZAWYA MENA Edition:
Saudi Basic Industries Corporation (SABIC) reported a 74% decline in net profits for 2019, as shown by the company’s annual financial results.
Net profit after zakat and tax amounted to SAR 5.56 billion last year, compared with SAR 21.52 billion in the year before, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
SABIC attributed the decline in profits to lower average selling prices and investment in Clariant AG by around SAR 1.5 billion, in addition to the recording of impairment provisions in Ibn Rushd by SAR 2.8 billion with the company’s share standing at SAR 1.3 billion.
On Tuesday, SABIC announced purchasing additional shares in Clariant AG to raising its stake from 25% to 31.5%. The transaction’s completion is subject to regulatory approvals.
No comments:
Post a Comment