Tadawul-listed SABIC, of which 70% was acquired by Saudi Aramco from the kingdom’s Public Investment Fund (PIF) in March 2019, has recorded a decline of 54.5% in H1-2019 profits, with the drop attributed to “lower average selling prices and decrease in share of results of associates and joint ventures”.
Profit during the first half of 2019 reached $1.5bn from $3.3bn in the same period last year, the company said in a stock market filing.
H1-2019 revenues reached $19.5bn, down 14% from H1-2018’s corresponding figure of $22.7bn.
Quarterly results at the Riyadh-based firm followed the trend, declining by 68.6% to reach $565.3mn in Q2-2019 from Q2-2018's $1.8bn.
Q2-2019 revenues also dropped 17% for SABIC to reach $9.6bn, down from Q2-2018's $11.7bn.
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