SABIC posts Q1 loss, suspends most capex spending as coronavirus bites – ZAWYA
- Date: 04-May-2020
- Source: Zawya
- Sector:Industrial
- Country:Saudi Arabia
SABIC posts Q1 loss, suspends most capex spending as coronavirus bites – ZAWYA
Yousef al-Benyan also told an earnings briefing that Saudi Aramco has committed to complete the acquisition of a controlling stake in SABIC by the second quarter. RIYADH/DUBAI- Saudi Basic Industries Corp , the world's fourth-biggest petrochemicals company, suffered a second consecutive quarterly loss and said it will suspend all capital expenditures barring those for late-stage projects and necessary operations.. SABIC Chief Executive Officer Yousef al-Benyan warned that the coronavirus outbreak, lower energy prices and weak global economic outlook will impact demand and further put prices under pressure.. SABIC posted a loss of 950 million riyals ($252.93 million) in the quarter that ended March 31, widening from a fourth-quarter loss of 790 million riyals.. The first-quarter figures compared with a net profit of 3.41 billion riyals a year earlier, and was worse than estimates by analysts such as NCB, which had predicted a loss of 143 million riyals..