Sabic, the region’s biggest petrochemicals firm, reported its third consecutive quarterly loss on the back of lower selling prices for its products and impairment provisions on certain assets.
The company registered a net loss of 2.22 billion Saudi riyals (Dh2.17bn) for the second quarter of 2020, compared with a profit of 2bn riyals for the same period last year, Sabic said in a filing to the Tadawul exchange, where its shares trade.
The company declared impairment provisions of 1.18bn riyals related to certain capital assets, including a polymers plant in Spain, which it said had an impact on its profits.
The company took a significant hit in the second quarter, with the business picking up in July and August, said chief executive Yousef Al Benyan. Average petrochemical prices had fell 27 per cent year-on-year in the second quarter and 18 per cent from first-quarter levels.
"The future of demand is driven by uncertainties in the energy market. Market conditions are going to put pressure on the chemical industry for the remainder of this year," he told an earnings briefing.
Saudi Aramco, which produces and sells oil on behalf of the kingdom completed acquisition of a 70 per cent interest in Sabic in June. The state-backed company acquired the stake worth $69.1bn from the sovereign Public Investment Fund.
Following Aramco’s acquisition of the shares, Sabic was “retrospectively” reassigning its control over investments related to its affilates, Saudi Petrochemical Company (Sadaf) and Arrrazi methanol plant.
In May, Sabic merged Sadaf and Petrokemya to drive "efficiency and competitiveness” of its operations.
"Sabic has performed retrospective control reassessment over Sadaf and Arrazi prior to the acquisitions of additional shares and classified them as joint arrangements,” it said in a note to the Tadawul exchange.
The company’s sales revenue declined 29.46 per cent to 24.62bn riyals for the second quarter on a year-on-year basis.
Aramco acquired Sabic as part of its larger plans to increase global refining capacity from 4.9 million to 8 million-to-10 million barrels per day by 2030. Around 2m bpd to 3m bpd of the output will be converted into petrochemical products. This downstream portfolio will consume significant quantities of Saudi Arabia's crude oil.
Specs
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BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club
- 1st ODI, Wednesday, April 10
- 2nd ODI, Friday, April 12
- 3rd ODI, Sunday, April 14
- 4th ODI, Sunday, April 16
Squads:
- UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
- Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Benefits of first-time home buyers' scheme
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The specs
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Torque: 859Nm
Transmission: Single-speed automatic
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Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
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The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
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- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
New schools in Dubai
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
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