A complete of 14 Saudi corporations within the power sector booked hefty losses final yr, Middle East Monitor reported on Wednesday, quoting analysts who had spoken to native media.
One of the businesses with losses is Saudi chemical compounds large Sabic, which booked US$1.5 billion (5.63 billion Saudi riyals) in losses final yr, in keeping with Middle East Monitor, which quotes Saudi outlet Arabi21.
In the fourth quarter of 2019, Sabic booked a lack of US$192 million (720 million Saudi riyals), which was the primary loss in additional than 10 years, in keeping with Sabic’s chief govt officer Yousef Abdullah Al-Benyan, quoted by Middle East Monitor.
A drop in demand globally, larger costs for feedstock, and decrease costs of petrochemical merchandise have been the important thing causes for the losses final yr, in keeping with Sabic’s chief govt.
Last yr, Saudi Aramco stated it could purchase 70 % in Sabic. In March 2019, Aramco signed the deal to purchase 70 % in Sabic from the Public Investment Fund of Saudi Arabia for the equal of US$69.1 billion in Saudi riyals on the time.
Saudi Aramco itself is scheduled to report full-year 2019 outcomes on March 16, which might be the primary outcomes launch because the Saudi oil large was listed on the home inventory market, Tadawul, in December 2019.
In its first-ever monetary disclosure final yr, Saudi Aramco reported in August a web earnings of US$46.9 billion for the primary half of 2019, down by 12 % from US$53 billion in H1 2018 on the again of decrease oil costs.
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As it introduced in November an intention to drift on the native inventory trade, Saudi Aramco reported a web revenue of US$68 billion for the primary 9 months of the yr. According to the corporate’s assertion, Aramco’s free money stream place was additionally strong, at US$59 billion, with capex calculated at US$23 billion.
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