Saudi Basic Industries Corp. (SABIC) said that the supply is still higher than the demand for its key products, which is likely to extend pressure on product prices and margins in the foreseeable future. Commenting on its results for the third quarter of 2020, SABIC maintained the same view on its 2020 outlook, expecting the projected global gross domestic product (GDP) growth rate to contract this year, primarily due to the negative impact of COVID-19, before witnessing a recovery next year.
As expected, the economic activity witnessed an improvement in Q3 2020, compared to the weak performance in Q2 2020, it pointed out.
According to data compiled by Argaam, SABIC reported a rise of 47% in net profit after Zakat and tax to SAR 1.09 billion in Q3 2020.
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