Saudi Arabia's Sabic posts 55% decline in H1 2019 profit
YoY revenues also dropped 14% at the Saudi Arabian chemicals giant in H1 2019, reaching $19.5bn during the period
Tadawul-listed Saudi Arabia Basic Industries Corporation (Sabic), of which 70% was acquired by state-held oil giant Saudi Aramco from the kingdom’s Public Investment Fund (PIF) in March 2019, has recorded a decline of 54.5% in H1 2019 profits, with the drop attributed to “lower average selling prices and decrease in share of results of associates and joint ventures”.
Profit during the first half of 2019 reached $1.5bn (SAR5.5bn) from $3.3bn (SAR12.2bn) in the same period last year, the company said in a stock market filing.
H1 2019 revenues reached $19.5bn (SAR73.2bn), down 14% from H1 2018’s corresponding figure of $22.7bn (SAR85.2bn).
Quarterly results at the Riyadh-based firm followed the trend, declining by 68.6% to reach $565.3m (SAR2.1bn) in Q2 2019 from Q2 2018's $1.8bn (SAR6.7bn).
Q2 2019 revenues also dropped 17% at Sabic to reach $9.6bn (SAR35.9bn), down from Q2 2018's $11.7bn (SAR43.3bn).