Saudi Basic Industries Corp (Sabic) has reported an 86 per cent drop in third-quarter net profit after taking an impairment charge of SR1.5 billion ($400 million) on its investment in Swiss chemicals firm Clariant, said a report.
Sabic also warned that the new capacity in key products lines that have pressured its product prices and margins this year would persist into 2020, added the Reuters report.
The world’s fourth-biggest petrochemicals company posted a net profit of SR830 million ($221.33 million) for the quarter ending September 30, down from 6.1 billion a year earlier.
The decrease in net income is attributable to lower average selling prices in addition to recording the 1.5 billion (Saudi riyal) impairment provision, added the report.
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