Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals company, swung to a loss in the third quarter on lower revenue caused by weak demand for global petrochemical products, as well as non-cash losses from a new deal with the Public Investment Fund.
The company reported a net loss of 2.88 billion Saudi riyals ($768 million) in the three months to the end of September, compared with a net profit of 1.84 billion riyals during the same period last year, it said on Thursday in a filing to the Tadawul stock exchange, where its shares are traded.
Revenue for the period fell by nearly 17 per cent, year on year, to about 36 billion riyals.
The company said it incurred non-cash losses amounting to 2.93 billion riyals during the quarter as a result of the PIF's acquisition of Sabic’s entire stake in the Saudi Iron and Steel Company, better know as Hadeed.
“Despite the global weak demand for chemicals, Sabic managed to increase sales volume by 7 per cent with improvement in earnings before interest, taxes, depreciation, and amortisation margin for this quarter,” its chief executive Abdulrahman Al-Fageeh said.
He also said the Hadeed transaction was a strategic one and would “help Sabic to realise its strategic goals to become the preferred world leader in chemicals”.
The average selling price of petrochemicals products globally declined by 5 per cent, quarter on quarter, while prices for agri-nutrient products increased by 11 per cent, the company said.
In the nine months period to the end of September, the company reported a net loss of one billion riyals, compared to a profit of 16.2 billion riyals, as revenue slumped about 26 per cent annually to 106.5 billion riyals.
The company plans to spend between $3.5 billion and $3.8 billion in 2023.
Sabic is playing a key role in Saudi Arabia's plan to reduce its reliance on oil exports.
Last year, the company announced plans to set up a plant to convert crude oil into petrochemicals in Ras Al Khair, with a capacity of 400,000 barrels per day.
In December, Sabic signed an agreement with Oman’s state energy company OQ and Kuwait Petroleum International to set up a petrochemical complex in the sultanate.
Earlier this year, the company, in partnership with the China Petroleum and Chemical Corporation, better Sinopec, also started the commercial operation of their new polycarbonate plant in Tianjin, China.
The new production centre is situated within the Sinopec-Sabic-Tianjin Petrochemical complex jointly owned by Sabic and Sinopec.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
BUNDESLIGA FIXTURES
Saturday
Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)
Bayer Leverkusen v Schalke (5.30pm)
Wolfsburg v Cologne (5.30pm)
Mainz v Arminia Bielefeld (5.30pm)
Augsburg v Hoffenheim (5.30pm)
RB Leipzig v Bayern Munich (8.30pm)
Borussia Monchengladbach v Freiburg (10.30pm)
Sunday
VfB Stuttgart v Werder Bremen (5.30pm)
Union Berlin v Hertha Berlin (8pm)
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More from Rashmee Roshan Lall
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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