Sabic swings to fourth quarter loss on weaker revenue and impairment provisions – The National

Sabic swings to fourth quarter loss on weaker revenue and impairment provisions – The National

The company reported a loss of 720 million riyals as the average selling cost of its products also declined. Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals producer, swung to a loss in the fourth quarter of 2019 on the back of a decline in revenue, lower selling price of its products and impairment charges it made on one of its affiliate businesses.. The company reported a net loss of 720 million riyals (Dh705m) for the three months to the end of December, compared to a profit of 3.22 billion riyals recorded in the fourth quarter of 2018, the company said in a statement to the Tadawul stock exchange, where its shares trade.. Sabic, 70 per cent owned by Saudi Aramco through a $69bn deal last year, is at the heart of Saudi Arabia's economic diversification drive.. The company has struggled to maintain profitability in recent quarters amid a global economic slowdown that has impacted demand and petrochemical product prices.. "The net loss in the fourth quarter of 2019 is mainly attributable to lower average selling prices in addition to the recording of 2.8bn riyals impairment provision in Ibn Rushd," Sabic said on Wednesday.. It is optimising its