Sadara Basic Services announced the financial results of its parent company, Sadara Chemicals, as losses increased by 23.5% to reach 1.405 million riyals during the second quarter of 2020, compared to losses of 1.137 million riyals during the same period of the previous year.
According to Arabiya Net, the company said in a statement to the Saudi market that the reason for the increase in net loss was the decrease in the average selling prices of products in addition to the decrease in the quantities sold compared to the same Quarter of the previous year.
The company recorded net losses after zakat and tax amounting to 2.68 million riyals during the first half ending on 30 June 2020, compared to recording losses of 2.39 million riyals during the same period of the previous year Losses increased by 12%.
The Saudi Railways Company, Saar, had signed an agreement for rail transport services with Sadara Chemicals Company earlier.
through the agreement, Sadara will start using trains to transport liquid and solid products and containers as the company's primary transportation.
The agreement extends for a period of 25 years, which includes two daily trips from the Sadara Chemical Complex to the King Fahd Industrial Port, and 3 trips to the Jubail Commercial Port. About 125 are expected to be transported. Thousand containers annually.
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