The financial statements of the Saudi Basic Industries Corporation (SABIC) showed the company converting to a loss in the second quarter of this year compared to the profits for the same period in 2019.
According to the company's results for the Saudi market (Tadawul) today, Thursday, the losses for the period amounted to 2.22 billion riyals, compared to the profits of the second quarter of 2019 amounting to 2.03 billion riyals. p>
The company said in a statement to the Stock Exchange that the negative shift in results during the comparison periods is due to a decrease in the average selling prices of products and the quantities sold, in addition to recording provisions for a decrease in the value of some assets Capital amounting to 1.18 billion riyals.
The company recorded losses amounting to 3.27 billion riyals in the first half of this year, compared to profits of 5.35 billion riyals in the same period last year.
(SABIC) had converted to a loss in the first quarter of this year at a value of 950 million riyals, compared to a profit of 3.41 billion riyals in the corresponding period of 2019.
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(Fun Knowledge of Knowledge)
