The financial statements of the Saudi Basic Industries Corporation (SABIC) showed the company shifting losses at the end of the first quarter of this year compared to the profits for the same period in 2019.
According to the results of the company for the Saudi market (Tadawul) today, the losses for the period amounted to 950 million riyals, compared to a profit of 3.41 billion riyals for the first quarter of last year. p>
The company said in a statement to the stock exchange that the losses for the first quarter of this year are due to a decrease in the average prices of selling products in addition to recording provisions for a decrease in the value of some capital and financial assets by an amount of 1 .1 billion Saudi riyals, including what was announced on February 18, 2020 related to the Altem plant in Cartagena, Spain, at 713 million riyals.
The company's total shareholders ’equity decreased by 4.6% at the end of the first quarter of this year, to reach SAR 166.95 billion, compared to 175.05 billion riyals for the same period in 2019 .
