Category

Countries


SABIC to Cut Expenditure After Second Consecutive Quarterly Loss

SABIC to Cut Expenditure After Second Consecutive Quarterly Loss

  • 04-May-2020 2:00 PM
  • Journalist: Timothy Greene

Saudi Basic Industrial Corporation announced to suspend all the operations for projects involving major capital expenditure after suffering depreciation in the quarterly revenue for the second consecutive time. The company reported a loss of INR 19097 Million at the end of the final quarter of FY 20. With this quarterly loss, shares of SABIC went down by 1 percent in the early trade. This loss in revenue is anticipated to extend further till the end of the year due to oversupply of the products in the global market and negligible demand. The Chief Executive Officer of SABIC earlier raised a concern that the prices of products will be harshly affected by plunge in energy prices backed by sputtering economic outlook. To combat to the decrease in profit margins, the company has decided to halt all the upcoming non-priority projects to save itself from further expenditures in the days of severe economic recession. However, it will continue all the operations in developing regions like China and India under strategic outlook for the company.

24X7

Track Real Time Prices

Related News

Shell Faces Federal Lawsuit for Air Pollution as Flaring and Waste Water Issues Lead to Shutdown
  • 25-May-2023 12:17 PM
  • Journalist: Rene Swann
High Levels of Nickel and Benzene Found in the Toxic Air of Panipat Thermal Station
  • 01-May-2023 2:56 PM
  • Journalist: Shiba Teramoto
EPA Proposes To Cut Dangerous Air Pollutants Emitted By Chemical Facilities, Benzene Prices May Fluctuates
  • 21-Apr-2023 6:14 PM
  • Journalist: Li Hua
Triggering Toxic Crisis: EPA Tests Unveil Release of Benzene and Hydrogen Cyanide in Indiana Plastics Fire
  • 17-Apr-2023 4:37 PM
  • Journalist: Patrick Knight