According to the company, the increase in profits is due to the increase in crude oil prices and quantities sold, and the increase in profit margins for the refining and chemicals business.
The company’s profits jumped by 288% in the second quarter of 2021.
The company decided to distribute cash dividends to shareholders of about 70 billion riyals for the third quarter of 2021.
Company results for 9 months
Turning to the 9-month period, the net profit for the period increased by about 121% to about 291 billion riyals, and the company’s revenues during 9 months amounted to about 943.5 billion riyals, an increase of about 72% over the same period of the previous year.
This rise came as a result of the rise in crude oil prices, the improvement in the profit margins of the refining and chemicals business, and the consolidation of SABIC’s business results.
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