Saudi “SABIC” announces a jump in profits

Today, Thursday, the Saudi Basic Industries Corporation (SABIC) announced a five-fold increase in profits for the third quarter of this year, supported by an increase in average selling prices.

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The giant petrochemical company announced that its profits after tax amounted to 5.6 billion riyals ($ 1.5 billion), up from 1.1 billion riyals in the same period last year, while revenues increased by 49 percent to 43.7 billion riyals.

SABIC reported that its net profit was supported not only by the increase in average selling prices, but also by an increase in its share in the business of joint ventures and its subsidiaries.

“SABIC’s good financial performance in the third quarter of 2021 represents a continuation of our recovery from the effects of Covid-19, albeit at a lower level than our exceptionally strong performance in the second quarter,” Youssef Abdullah Al-Bunyan, CEO of SABIC, said in a statement.

It is noteworthy that the state oil company “” owns 70 percent of the shares of “SABIC”.

(dollar = 3.7508 Saudi riyals)

Source: Reuters

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