State-led petrochemicals and metals conglomerate Sabic has reported a loss of SR0.95bn ($253mn) in the first quarter of 2020 on reduced revenues of SR30.8bn ($8.22bn), blaming “a challenging product pricing environment and lower demand underpinned by Covid-19.”
CEO Yousef al-Benyan said on 4 May that the company “has suspended all capex” except for “non-discretionary capex for safe and reliable operations and late stage projects.” Nevertheless, he said the company is confident in the resilience of its operations and supply chain and of “opportunities which exist for long-term growth.” (CONTINUED - 581 WORDS)
