Saudi “SABIC” announces a jump in profits

Al-Marsad newspaper: The Saudi Basic Industries Corporation (SABIC) announced today its profits for the third quarter of 2021, as the company’s revenues amounted to 43.7 billion riyals (11.65 billion US dollars), which represents an increase of 3% compared to the previous quarter.

Income from operations for the third quarter amounted to 7.7 billion riyals ($2.05 billion), a decrease of 23% from the previous quarter, while net profit amounted to 5.59 billion riyals ($1.49 billion), which is 27% lower than the net profit in the previous quarter.

“The good financial performance of the company during the third quarter of 2021 reflects the continued recovery from the impact of the (Covid-19) pandemic, albeit at a level lower than the exceptionally strong performance during the quarter,” said SABIC Vice Chairman and CEO Yousef bin Abdullah Al-Bunyan. The second”.

He pointed out that margins moderated in the third quarter due to higher feedstock costs, which were offset by an increase in average sales prices.

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