May 4, 2020 / 7:38 AM / 25 days ago

SABIC CEO says impact of coronavirus will be more significant in Q2

RIYADH, May 4 (Reuters) - Saudi Basic Industries Corp (SABIC) expects a more significant impact on its business from the coronavirus pandemic in the second quarter, its chief executive said on Monday after the company reported a loss in the first quarter.

Yousef al-Benyan told an earnings briefing that the company expects current circumstances will last until the end of 2020, as the coronavirus has hurt global economic growth and dampened energy prices, leading to a decline in petrochemical prices.

SABIC, the world’s fourth-biggest petrochemicals firm, reported a net loss in the first quarter of 950 million riyals ($252.89 million), citing impairment losses on assets and lower demand for its products in the wake of the coronavirus pandemic. ($1 = 3.7565 riyals) (Reporting by Marwa Rashad; Writing by Saeed Azhar)

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