Saudi petrochemical giant Saudi Basic Industries Corp reported a net loss for the third consecutive quarter.

Saudi Arabia's largest chemical company reported a loss for the third consecutive quarter, falling short of analysts' previous profit expectations. The reason for this is that the company closed some assets amid a prolonged downturn in the industry. According to a statement released on Sunday, Saudi Basic Industries Corporation disclosed a net loss of about 4.1 billion riyals, compared to a loss of 1.2 billion riyals in the previous period. Analysts had generally expected the company to achieve a profit of 1.1 billion riyals in this quarter. When the Saudi Arabian major stock exchanges opened, the company's stock price dropped by as much as 1.9%.