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SABIC Q2 FY20: revenue SAR 25 bn; net loss SAR 2.2 bn

Sep '20
Saudi Basic Industries Corp (SABIC), a chemical manufacturing company, posted 18 per cent decrease in its revenue to SAR 24.62 billion (Saudi Riyals) during second quarter (Q1) FY20 ended on June 30, 2020 compared to revenue of SAR 30.19 billion in first quarter of FY20. Company incurred a net loss of SAR 2.22 billion (Q1 FY20: SAR 1.05 billion).
“Despite the challenging environment, SABIC has shown resilience in its operations. Our collaboration with Saudi Aramco will accelerate the achievement of SABIC’s strategic objectives. There will be benefits for business and operations, with coordinated efforts for sales and marketing bringing one face to the market,” Yousef Abdullah Al-Benyan, vice chairman and chief executive officer of SABIC, said in a press release.
EBITDA for the quarter were SAR 3.50 billion (SAR 4.35 billion). Loss from operations were SAR 1.26 million (SAR 0.06 billion).
Revenue of Petrochemicals & Specialities segment dropped to SAR 21.35 billion (SAR 25.96 billion). In chemical business unit, mono ethylene glycol (MEG) prices declined in Q2 FY20 amid continued low demand as downstream polyester sales slowed in Asia. However, polyethylene demand continued to hold up well driven by a higher demand for applications such as packaging and medical supplies.

Fibre2Fashion News Desk (JL)

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