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rdf:type	schema:NewsArticle
schema:articleBody	Saudi petrochemicals giant SABIC said on Wednesday it posted a rare loss in the fourth quarter of last year, due to low prices and the allocation of a huge emergency provision. SABIC, the second-largest listed firm in the kingdom after oil giant Aramco, said it posted a loss of $192 million in the last three months of 2019 after its revenues fell by 18.5 percent. The company, in which Aramco acquired a 70-percent stake for $69 billion last year, said it has also made a $747 million impairment provision in support of one of its affiliates which is undergoing restructuring. SABIC posted a profit of $859 million in the fourth quarter of 2018. "Despite an uptick in Brent oil prices in the fourth quarter, the results were negatively impacted by a further decline in petrochemical prices driven by oversupply in the key products and slowing global growth coupled with seasonal impacts," the company said in a statement. For the whole of 2019, SABIC net profit dropped a massive 74 percent, the company said, also citing lower prices and allocation of emergency provisions. The company said it posted a net profit of $1.5 billion in 2019 compared to $5.74 billion in the previous year. Its revenues dropped almost 19 percent to $32.5 billion last year from $40.1 billion in 2018. "The petrochemical industry was negatively impacted in 2019 by additional new supply in key products coming on-stream coupled with a moderation in global growth compared to 2018," SABIC CEO Yousef Abdullah al-Benyan said in a statement. bur-oh/sls/kir
schema:headline	Saudi chemical giant records rare loss as prices sag
schema:mentions	Petrochemical Wind power by country Saudi Aramco Abdullah of Saudi Arabia Saudi Arabia Chief executive officer Giant Records (Warner) Petrochemical industry SABIC Brent Crude Kir (cocktail)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-01-29 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	65 (xsd:integer)

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