SABIC, one of the world’s largest petrochemical companies, has reported a significant decline in third-quarter revenue and a net loss. In their filing, SABIC revealed a net loss of 2.88 billion riyals ($768M) for the three months ending on September 30, in contrast to a profit of SAR 1.84B in the same period the previous year. The loss was primarily attributed to an impairment charge of SAR 2.93B related to the fair value of Saudi Iron and Steel Company (Hadeed) after Saudi Arabia’s sovereign wealth fund acquired SABIC’s entire stake in the company.
