Sadara Chemical’s losses rise 23% in Q2

The increase in net losses was driven by a drop in the average selling prices of products and lower sales volume

  
Image used for illustrative purpose Sadara Chemical Co facility is seen in Jubail, Saudi Arabia April 30, 2015.

Image used for illustrative purpose Sadara Chemical Co facility is seen in Jubail, Saudi Arabia April 30, 2015.

Saudi Aramco/Handout via REUTERS

Riyadh – Mubasher: Sadara Basic Services Company said on Wednesday that the net losses of its parent company, Sadara Chemical Company, widened by 23.55% during the second quarter (Q2) of 2020, reaching SAR 1.405 million, compared with SAR 1.137 million in the year-ago period.

The increase in net losses was driven by a drop in the average selling prices of products and lower sales volume, according to a bourse filing.

Revenues for Q2-20 retreated by 31.8% to stand at SAR 1.861 million from SAR 2.728 million in the same quarter in 2019.

Source: Mubasher

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