Saudi Chemical Giant Sabic Posts Third Straight Net Loss

Saudi Arabia’s biggest chemical company posted a third consecutive quarterly loss, missing estimates by analysts for a profit, as it shut down some assets amid a prolonged industry downturn.

Saudi Basic Industries Corp. reported a net loss of about 4.1 billion riyals ($1.1 billion), compared with a loss of 1.2 billion riyals in the prior period, according to a statement on Sunday. The consensus forecast among analysts was for a profit of 1.1 billion.