Sadara Chemical Co., the parent company of Sadara Basic Services Co., widened net loss after Zakat and tax by 2% year-on-year (YoY) to SAR 1.276 billion for the first quarter of 2020, compared to SAR 1.254 billion in the same period last year.

 

The increase in loss was driven by lower product pricing across all segments, the company said in a bourse statement.

 

Income statement

Period

Q1 2019

Q1 2020

Change (%)

Revenue (SAR mln)

2480.7

2450.4

(1%)

Net loss (SAR mln)

(1254.3)

(1276.3)

(2%)

Number of shares (mln)

3563

3563

--

Earnings per share (SAR/share)

(0.35)

(0.36)

(2%)

 

When compared to the previous quarter, net losses shrank by 88%, due to the to the asset impairment provision that was recorded in the previous quarter worth SAR 9.2 billion.

 

Sadara Chemical net income since 2018

Period

Net income

(SAR mln)

Earnings per share

(SAR)

2018

Q1

(510.1)

(0.14)

Q2

(646.3)

(0.18)

Q3

(1197.7)

( 0.34)

Q4

( 1506.0 )

( 0.43 )

2019

Q1

(1254.3)

(0.35)

Q2

(1137.7)

(0.32)

Q3

(1487.4)

(0.42)

Q4

*(10606.8)

(2.98)

 

2020

 

Q1

(1276.3)

(0.36)

 

 

 

* The provision included a decrease in the value of the assets by SAR 9.2 billion.

 

Additionally there are no significant changes in the operational results in the current quarter compared to the previous one.

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