SABIC earnings dropped 68% to 2.1 billion NAS in the second quarter

Due to the decrease in SABIC's share in the results of its badociates

Last update: On Sunday 26 Dhu al-Qa & # 39; da 1440 AH – July 28, 2019
Publication date: On Sunday 26 Dhu al-Qa & # 39; da 1440 AH – July 28, 2019 KSA 08:53 – GMT 05:53

Source: Arabic.Net

Saudi Basic Industries Corp (SABIC) decreased 68.3% to 2.22 billion SAR in the second quarter, compared to 6.7 billion SAR in the same quarter last year.

In the six-month period, SABIC's profits fell 54.7% to 5.52 billion rupees, compared to 12.2 billion rupees in the first half of last year.

The decrease in net income in the quarter compared to the same quarter last year was due to lower average selling prices for the products and lower SABIC's share of the results of badociates and related companies. joint ventures.

While the decrease in net income in the current period compared to the same period last year is due to the lower average selling prices of the products and the decrease in SABIC's share of earnings. badociates and joint ventures.

Effective January 1, 2019, the Company adopted International Financial Reporting Standard No. 16.