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Saudi Basic Industries Corp. (SABIC) said Sunday in a statement to the Saudi stock market that the stock of some raw materials was missing at 49%, according to estimates, for some of its subsidiaries in the kingdom.
The raw material is the raw material used in factories and factories, which include natural gas, oil, electricity and liquids such as butane and gases such as ethane.
SABIC, the largest petrochemical company in Saudi Arabia, has indicated that it is currently assessing the final effects of the financial impact assessment and that any significant developments will be exposed later.
Shares of the company fell 3.5%, while the main stock index fell 2.3%, flooding the red color of the trading screen, after the fall of 165 companies out of 193 companies listed while only 11 companies increased.
SABIC faces a major financial dilemma: its profits plummeted 54.8 percent in the first half of 2019, reaching 5.5 billion riyals ($ 1.47 billion), compared with 12.2 billion riyals ( $ 3.25 billion) for the corresponding period of 2018.
SABIC, the fourth largest petrochemical company in the world, belongs to the state. The Public Investment Fund (SWF) owns 70%, and has signed an agreement to sell its stake in Saudi Aramco, a state-owned company, which has also not been transferred.
The Saudi Kayan Petrochemical Company (Kayan) announced Tuesday in a statement to the stock market that a 50% decrease in raw material supplies from the company's factories.
The Yanbu (Yansab) national petrochemical company said that it also faced a shortage of raw materials supply in varying proportions of about 30%.
The energy sector in Saudi Arabia is the target of attacks by Ansar Allah (Houthis) in Yemen, where Saudi Arabia, in alliance with the United Arab Emirates, is at war with them since 2015.
The energy sector recorded a sharp 73.7% drop in profits in the first six months of this year, affected by Petro Rabigh's loss of 109.7% compared to the same period in 2018, which had generated 51.6 million riyals ($ 13.7 million). Compared with 530.6 million riyals made during the same period last year.
On Saturday, the Houthis announced the targeting of two Saudi oil facilities with the aid of 10 drones, a few hours after Riyadh announced the extinguishment of a fire in two factories belonging to Aramco. Aramco is the largest oil company in the world with an average production of 9.8 million barrels a day.
After the announcement, Saudi Energy Minister Abdulaziz bin Salman said in a statement: "According to preliminary estimates, these explosions disrupted the crude oil supply, estimated at 5, 7 million barrels, or about 50% of Aramco's production ".
Aramco announced its first-half business figure last month, noting that its net profit for the first half of 2019 had fallen to 46.9 billion USD, compared with 53.0 billion USD for the same period last year. last year.
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