Saudi Chemicals Giant Posts Another Surprise Earnings Loss
Saudi chemicals giant Sabic suffered a surprise loss in earnings for a second straight quarter, adding to signs the company is struggling to cope with market uncertainty and broad industry headwinds.
Saudi Basic Industries Corp. posted a net loss of 1.2 billion riyals ($320 million), according to a statement on Sunday. That compares with analysts' estimates for a profit of 699 million riyals. The results reflect challenges including elevated feedstock prices and lower overall sales volumes, particularly in agri-nutrients and polymers.
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