Saudi petrochemicals giant Sabic has reported a 74% fall in net profits for 2019, with an impairment charge on one of its chemicals units – the second in the year after a similar charge in the third quarter – contributing to a quarterly loss in the fourth quarter, the first since 1Q09.
Sabic’s net profit for 2019 was SR5.63bn ($1.50bn), a sharp fall from the $21.52bn ($5.74bn) for 2018 over a period when the oil price – against which petrochemicals sales prices are indexed – fell by a relatively minor 8%. Total revenues for 2019 were SR139.74bn ($37.26bn), down 17% from SR169.13bn ($45.10bn) for 2018. (CONTINUED - 642 WORDS)
