SABIC Q3 net profit up 47% as sales volume rises, some impairments reversed

DUBAI: Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm, reported a 47% rise in third-quarter earnings, beating expectations on higher sales volume and output.

SABIC reported a net profit of 1.09 billion riyals ($291 million) in the quarter that ended on September 30, up from 740 million riyals in the same period a year earlier. The result came after three straight quarters of losses, on a jump in impairment charges and drop in sales.

SABIC said the third-quarter return to profit was mainly due to higher average selling prices, higher production and sales volume, in addition to a reversal of impairment provisions in certain financial assets in the quarter of about 690 million riyal.

Analysts had expected SABIC to post a net profit of 775 million riyals, according to a mean estimate of analysts based on Refinitiv Eikon data showed.

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