SABIC Third-quarter Net Profit Up 47% As Sales Volumes Rise, Some Impairments Reversed

DUBAI: Saudi Basic Industries Corp (SABIC), the world’s 4th-biggest petrochemicals firm, reported a 47% rise in third-quarter profit, beating estimates on higher sales and output, but warned it still faces price pressures for some time to come.

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.