SAIC ‘bullish’ about FY18 financial results: CEO

Saudi Advanced Industries Co. (SAIC) is “bullish” about its financial statements for 2018 and beyond, CEO Saed Al Meazer told CNBC Arabia.

Al Meazer attributed the liquidation of Tasnee and SAIC Polyol and Derivatives Co. to higher cost of production and fierce competition.

“The project was proved infeasible,” he noted, adding that the company is currently pursuing new diversified investments to reduce risks.

Earlier this month, SAIC completed the procedures required for liquidating Tasnee and SAIC Polyol and Derivatives Co., as operations had been halted in the joint venture upon mutual agreement. The joint venture was equally owned by SAIC and National Industrialization Co. (Tasnee).