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Saudi Basic Industries Corp (SABIC) reported a decline of 68.3 percent to AUD 2.12 billion in the second quarter, compared to SAR 6.7 billion in the same quarter of 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.
The decrease in net income during the current period compared to the same period last year is due to lower average selling prices for the products and a decrease in SABIC's share of corporate earnings. badociates and joint ventures.
Effective January 1, 2019, the Company adopted International Financial Reporting Standard No. 16.
Mazen Al-Sudairy, head of research at Al-Rajhi Capital, said in an interview with Al-Arabiya that the main reason is that most petrochemicals are related to demand in China. Thus, some may need to reconsider their strategy of developing certain products or making acquisitions.
He points out that all petrochemical companies are trying to stop spending in the face of global pressures.
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