Logo of Sadara Chemical Co.
Sadara Chemical Co. reported a net loss of SAR 1.1 billion in Q1 2023, against a profit of SAR 45.87 million a year earlier.
The loss is mainly attributable to the planned long-term turnaround maintenance activity of the Mixed Feed Cracker (MFC) and downstream polyethylene trains that affected site production which resulted in lower sales volumes. This is in addition to lower average selling prices of products, despite the decrease in feedstock costs compared to the same quarter of last year.
Sequentially, the company widened its losses from SAR 958.74 million in Q4 2022.
Total shareholders’ equity, no minority interest, stood at SAR 4.62 billion as of March 31, 2023, compared to SAR 6.93 billion a year earlier.
Accumulated loss reached SAR 31.75 billion as of March 31, 2023 or 87.02% of the company’s capital amounting to SAR 35.62 billion.
