Saudi Arabia's SABIC posted a net profit of 2.22 billion riyals in the fourth quarter, after reporting a net loss of 890 million riyals in the same quarter in 2019.
SABIC posted a net profit of 2.22 billion riyals in the fourth quarter, reversing a 890 million riyal loss in the same quarter a year earlier. Full-year revenues fell 14% to 116.96 million riyals, but rose 12 per cent in the fourth quarter to 32.85 million riyals. SABIC said it was "cautiously optimistic" for a gradual recovery in the year ahead, and said it expects earnings to be "moderately higher" in 2021, as the world slowly emerges from the coronavirus crisis.
SABIC was forced to suspend capital expenditure after the oil price collapse and coronavirus lockdowns of 2020, but returned to profit in the third quarter. It now expects sales volumes to be 2% to 5% higher compared to the previous year, and capital expenditures to be similar to 2020.SABIC said its specialty chemicals unit was now operating as a "standalone business" in its fourth quarter results release.
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More good news please(((
Yay more plastic
Petrochemicals? This dogecoin shit GAS