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Saudi petrochemicals producer SABIC posts fivefold profit jump -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A man passes the headquarters of Saudi Basic Industries Corp, (SABIC), Riyadh. October 27, 2013. REUTERS/Faisal Al Nasser

DUBAI, (Reuters) – Petrochemicals giant Saudi Basic Industries Corp. reported Thursday a fivefold increase of third-quarter profits due to higher average selling prices.

SABIC earned a pre-tax profit in excess of $1 billion ($1.1 billion) but missed a consensus of $6.1 billion from four Refinitiv analysts.

Revenues rose 49% to 43.7 million riyals

SABIC stated that net income was aided by higher average selling price and an increase in the share of joint ventures results. Also, unlike the last quarter, there weren’t any material impairments.

According to it, despite an increase in average selling prices, margins were not affected by the rising cost of feedstock.

“SABIC’s healthy financial performance during the third quarter of 2021 marked a continuation of our recovery from the impact of COVID-19, albeit at a lower level than our exceptionally strong performance during the second quarter,” CEO Yousef Abdullah Al-Benyan said in a statement.

Al-Benyan told reporters later that it would initially cost between $3 billion-$4 billion for the company to reach net-zero carbon emission by 2050. He had set this target last week.

Saudi oil producer is controlling 70% of SABIC Saudi Aramco (SE)

($1 = 3.7508 Rials)

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