Saudi Basic Industries Corp. (SABIC) reported an 86% drop in third-quarter net p...
- Saudi Basic Industries Corp. reported an 86% drop in third-quarter net profit on Sunday after taking an impairment charge of 1.5 billion riyals on its investment in Swiss chemicals firm Clariant.
SABIC also warned that the new capacity in key products lines that have pressured its product prices and margins this year would persist into 2020. “The decrease in net income is attributable to lower average selling prices in addition to recording the 1.5 billion impairment provision,” it said.
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