Saudi Basic Industries Corporation (SABIC) expected product prices and profit margins to be more pressured due to an oversupply in its key products.
The quarter's key highlights announced during its conference on Q1 2020 financial statements included:
- Chemicals: The business unit was negatively impacted by the coronavirus pandemic outbreak;
- Polyethylene: Demand increased for flexible packaging and medical supplies;
- Performance polymers and industry solutions: The business unit was impacted by lower demand from key industry segments;
- Urea sees strong demand due to the US spring season, Indian tenders and active buying in Australia, offsetting lower demand in Southeast Asia and China in Q1 2020.
|
SABIC’s Performance by Segment (Q1 2020) |
||
|
Performance |
Prices* |
Volume |
|
Q4 2019 |
(2%) |
(4%) |
|
Q1 2019 |
(13%) |
(5%) |
|
Petrochemicals |
||
|
Q4 2019 |
(2%) |
(4%) |
|
Q1 2019 |
(12%) |
(6%) |
|
Fertilizers |
||
|
Q4 2019 |
(11%) |
(9%) |
|
Q1 2019 |
(25%) |
+6% |
|
Metals |
||
|
Q4 2019 |
(4%) |
+8% |
|
Q1 2019 |
(7%) |
(8%) |
*Prices include currencies exchange rate and other factors.
SABIC sustained SAR 950 million in losses in Q1 2020, compared to net profit of SAR 3.4 billion in year-earlier period.
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