Riyadh – Mubasher: Saudi Basic Industries Corp (SABIC) posted its interim financial results for the third quarter of 2019.

Net profits plunged by 86.39% to SAR 830 million in Q3-19, compared to SAR 6.1 billion in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The company attributed the fall in profits to lower average selling prices in addition to recording SAR 1.5 billion impairment provision in the investment in (Clariant AG).

For the first nine months of 2019, SABIC’s profits retreated by 65.25% to SAR 6.36 billion, from SAR 18.3 billion in the same period of the prior year.

Total revenues decreased by 17% year-on-year to SAR 106.93 billion during the nine-month period ended in September.

Profit per share stood at SAR 2.12 in nine months, versus SAR 6.1 in the same period last year.