SABIC Q1 profit plunges 90% amid pressure on global demand | Reuters
Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Thursday its first-quarter net profit dropped 90% and warned it expected margins to remain under pressure in the second quarter.
The company reported net income of 660 million riyals ($175.98 million) for the three months ending March 31, down from 6.47 billion riyals in the same quarter a year earlier.
Despite the fall, SABIC beat analysts' median expectation of 540 million riyals in net income for the quarter, according to Refinitiv data.
"We are closely monitoring the changes and the recovery of the global market demand. New capacities in Q1 2023 are adding more pressure on global prices, while there is limited relief on variable cost," SABIC's CEO Abdulrahman Al-Fageeh said in a statement.
No comments:
Post a Comment