Media ININ Economy We Trust
Media In / Riyadh 28 April 2019
Saudi Basic Industries Corporation (SABIC) posted a net profit of SAR 3.41 billion in the first quarter of 2019, an increase of 5% compared to SAR 3.24 billion achieved in the previous quarter.
Total sales for the first quarter were SAR 37.37 billion, a decrease of 7% compared to the same period last year, a decrease of 11% compared to the previous quarter.
SABIC said that this change in the results of the first quarter of 2019, compared with the same quarter of 2018, is due to slower demand growth, as well as the slow start of the economies this year, and the high level of inventory.
SABIC Vice President Yousuf bin Abdullah Al Bunyan said during the press conference held in Riyadh that SABIC’s performance was strong despite the major challenges facing the global markets.
SABIC has shown strength and flexibility in its financial performance and in difficult market conditions. Despite the decline in petrochemical prices that negatively impacted SABIC’s results in the first quarter, we continued to deliver strong operating performance. We achieved the highest sales, Quarterly during the last four quarters.
