Sadara Chemical Company, a joint venture (JV) between Saudi Aramco and Dow, reported a huge loss in full-year of 2019 due to lower product prices and the costs of asset maintenance which reached SAR9.2 billion ($2.45 billion).
Net loss was SAR14.486 billion ($3.86 billion), up from 2018’s SAR3.86 billion ($1.03 billion).
Operating loss was at SAR11.96 billion ($3.2 billion) from the previous year’s SAR1.48 billion ($394.6 million).
Meanwhile, sales slumped by 23% to SAR10.1 billion ($2.7 billion) from SAR13.1 billion ($3.49 billion) in 2018.