About: http://data.cimple.eu/news-article/33c08a71652a9510abd2eae0a0be0441fcef5064de98fabb6ed840c9

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About: http://data.cimple.eu/news-article/33c08a71652a9510abd2eae0a0be0441fcef5064de98fabb6ed840c9 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Saudi petrochemicals giant SABIC on Monday posted its second quarterly loss in a row for the three months to March, blaming low prices and a slump in demand due to coronavirus. SABIC, one of the world's largest chemical firms, said it made a loss of 950 million riyals ($253 million) in the first quarter of 2020 compared to a net profit of $909 million in the same quarter last year. SABIC, the second-largest listed firm in the kingdom after energy giant Aramco, logged a loss of $192 million in the fourth quarter last year. It attributed the latest loss to "certain non-recurring charges, a challenging product-pricing environment and lower demand underpinned by COVID-19." It also set aside $290 million for a plan to suspend production at one of its chemical plants in Spain. "Product prices remain challenged with no improvement in the supply/demand balance for key products in the first quarter of 2020 compared to the previous quarter," chief executive Yousef Abdullah al-Benyan said in a statement. "This was further aggravated by COVID-19 becoming a global pandemic and the significant decline in Brent (oil) price towards the end of the quarter," he said. SABIC, which was acquired by Saudi Aramco for $69 billion last year, saw its 2019 net profit slide 74 percent to $1.5 billion. In 2018, it posted a net income of $5.74 billion. bur-oh/sls/dr
schema:headline	Saudi chemical giant SABIC posts another loss
schema:mentions	Petrochemical World energy consumption Saudi Aramco Abdullah of Saudi Arabia Spain Saudi Arabia Pandemic Coronavirus Severe acute respiratory syndrome coronavirus 2 SABIC Net income
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-04 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)
http://data.cimple...tology#hasEmotion	sadness

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