Saudi Basic Industries Corp (SABIC) announced the liquidation of its subsidiary SABIC Sukuk Co. after losses surpassed 50% of its capital.
SABIC Sukuk Co was established with a capital worth SAR 500,000 to provide services related to bonds and sukuk issued by SABIC and its units, the world’s fourth-biggest petrochemicals company said in its meeting on Sunday, 11 March.
SABIC’s net profits tumbled 18.63% year-on-year to SAR 3.67 billion in the fourth quarter of 2017, compared to SAR 4.51 billion in the same period a year earlier.
The firm logged a 4.49% growth in net profits to SAR 18.4 billion during the full-year 2017, from SAR 17.61 billion the year before.
By 10:49 am KSA time, SABIC’s stock rose 1.03% to SAR 109.40.