Saudi chemicals group SABIC reports Q1 net loss of $323 million

Saudi chemicals giant SABIC on Sunday reported a first-quarter net loss of 1.21 billion Saudi riyals ($323 million), citing a rise in operating costs and high feedstock costs, reports Reuters.

That compared to a profit of 0.25 billion riyals in the same period last year.

The chemicals industry has been grappling with weak demand and high input costs, leading to lower prices and squeezed margins.

SABIC in February said it planned to cut costs and find new investment opportunities, after reporting worse than expected fourth-quarter results.

CEO Abdulrahman Al-Fageeh on Sunday pointed to ongoing challenges in the global economy including the slowdown in global GDP.