Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) logged net losses after zakat and tax of SAR 3.27 billion during the first half (H1) of 2020, versus SAR 5.35 billion net profits in the same half of 2019.

The net losses are driven by lower average selling prices and sales volume, as well as impairments provisions in certain capital and financial assets at an amount of SAR 2.28 billion, according to the company's interim financial results for the period ended on 30 June 2020.

The company's revenues shrank by 22.7% to SAR 54.81 billion in H1-20 from SAR 70.91 billion in the year-ago period.

The loss per share (LPS) stood at SAR 1.09 in the first six months of 2020, against earnings per share (EPS) of SAR 1.78 in the corresponding period of 2019.

During the second quarter (Q2) of 2020, the company incurred SAR 2.22 billion net losses, against net profits of SAR 2.03 billion in the same quarter of the earlier year.

During the first quarter (Q1) of 2020, the company turned to a loss of SAR 950 million, versus a profit of SAR 3.41 billion in the same quarter in 2019.