Saudi chemical giant Sabic loss tops $590m on low sales

Saudi chemical giant Sabic loss tops $590m on low sales

Sabic attributed the losses to a lower average price and sales volume, mainly due to the impact of the coronavirus pandemic

Saudi petrochemicals giant Sabic said on Thursday it posted a loss in the three months to end-June, the third quarterly loss in a row, due to low sales and impairments.

Sabic, the world's fourth largest chemical firm, said it posted a loss of 2.22 billion riyals ($592 million) in the April to June quarter, compared to a net profit of 2.03 billion riyals ($541 million) in the corresponding quarter last year.

The company, acquired by Saudi Aramco for $69 billion in a deal agreed in 2019 and completed in June this year, posted a loss of $872 million in the first half of 2020 compared to a net profit of $1.4 billion