The company said that revenue in the October-to-December period fell to 35.03 billion riyals ($9.34 billion), missing a 35.9 billion riyals Refinitiv median estimate.
Sales for the full year fell by 23% to 141.54 billion riyals due to a drop in both average selling prices and quantities sold, hit by slow global demand for petrochemicals as well as higher global supply capacities, it said.
SABIC swung to a net loss of 2.77 billion riyals in 2023, citing net losses due to discontinued operations "driven mainly from the fair valuation of the Hadeed business".
Chemical makers had flagged a potential blow in the second half of the year from a slower-than-expected recovery in China following its post-pandemic reopening and lower demand in Europe.
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