Top Saudi Chemical Firm Reports Loss After Steel Unit Sale
- Sabic has one-time loss after fair value re-assessment of unit
- Net income from operations fell on softer demand and prices
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Saudi Arabia’s top chemicals maker reported a loss after selling its steel unit and as weaker demand hits the industry.
Saudi Basic Industries Corp., or Sabic, said the loss for the third quarter was 2.88 billion riyals ($768 million), compared with a 1.84 billion-riyal profit a year earlier. It said there was a one-time loss after a revaluation following the sale of Saudi Iron and Steel Company to the Public Investment Fund.