By: Aseel Bin Taleb
Riyadh - Mubasher: SABIC intends to sell some of its subsidiaries abroad, the company’s vice chairman and CEO Yousef Abdullah Al-Benyan said in a press conference on Thursday.
Some of these companies are making losses, he indicated.
SABIC is working on developing a system that unifies all of its companies and operation, in Saudi Arabia, the US, China, and Europe, in order to reduce costs and ease decision making in the company, said Al-Benyan.
The Saudi manufacturing company announced on Wednesday SAR 4.74 billion in profits in the second quarter of 2016, with a 23.18% year-on-year decline, and a 39% quarter-on-quarter increase.
Translated by: Moslem Ali
