The financial statements of the Saudi Basic Industries Corporation (SABIC) showed that the company's profits fell in the past year by 99.2% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Sunday, last year's profits amounted to 40 million riyals, compared to 5.2 billion riyals in 2019.
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the company attributed the decline in net profits in 2020 to the decrease in the average selling prices of most products, in addition to recording a provision for a decrease in the value of some financial and capital assets, amounting to 1.3 billion riyals.
The results of (SABIC) in the fourth quarter of 2020 showed the company's transformation to profitability, with a net profit after zakat and tax, amounting to about 2.22 billion riyals compared to a net loss of 890 million riyals for the quarter Similar from 2019.
The company attributed the shift to profitability during the fourth quarter of 2020 to an increase in the quantities sold and a decrease in the average cost of sales, in addition to reversing the provision for a decrease in the value of some capital assets, by an amount of 300 One million riyals
