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Asharq Al-Awsat

Asharq Al-Awsat

SABIC Posts Net Profit of SR3.41 Bln in First Quarter of 2019

SABIC announces its net profit for the first quarter of 2019. (Reuters)

Saudi Basic Industries Corporation (SABIC) posted a net profit of SR3.41 billion in the first quarter of 2019, with an increase of 5 percent compared to SR3.24 billion in the previous quarter, reported the Saudi Press Agency on Sunday.

The total sales for the first quarter were SR37.37 billion, down by 7 percent from the same quarter last year and 11 percent lower than the previous quarter.

SABIC attributed this change in the first quarter of 2019 compared to the same quarter of 2018 to slow demand growth, as well as the slow start of the economies this year and the high level of inventory.

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