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

Slow Downstream Demand Dives Benzene Prices in Europe
  • 28-Nov-2022 12:57 PM
  • Journalist: Francis Stokes
BPCL to End the Month-Long Planned Shutdown on October 25th, 2022, Sources Reveal
  • 11-Oct-2022 5:02 PM
  • Journalist: Peter Schmidt
UK's Pilled-up Benzene Prices Drop Amidst Supply Chain Constraints
  • 19-Sep-2022 2:46 PM
  • Journalist: Patrick Knight
Deteriorating Consumer Demand Impedes Market Fundamentals for Benzene in Germany
  • 05-Sep-2022 3:27 PM
  • Journalist: Gabreilla Figueroa