Giant company’s net profit down 74 percent

Saudi Arabia’s world’s fourth petrochemical company SABIC’s annual net profit in 2019 fell by 73.8 percent year on year to $ 1.5 billion. The company said that in 2018, the net profit reached $ 5,738 billion, according to the Saudi Arabian Stock Exchange (Tadawul). In the statement, it was stated that net profit in 2019 decreased by 73.8 percent compared to the previous year and this figure remained at $ 1.5 billion.

It was stated that this sharp decline in the company’s profit rates, the majority of which belongs to the world giant Saudi Aramco, was caused by the decrease in the average sales prices of the products.

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After the production capacity of the USA and China has increased, the company now expects a slowdown in 2020 operating activities.

SABIC’s statement also suggested that the trade wars between the USA and China caused great pressures in global markets in the field of petrochemicals and affected the prices.

70 percent of the SABIC petrochemical company, which was established in Riyadh in 1976 with the aim of processing petroleum by-products, was registered in the name of the government and is known as the fourth largest company in the world.

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