S Arabia’s SABIC Q1 net profit rises 5.4% on higher prices

SINGAPORE (ICIS)–SABIC’s first-quarter net profit rose by 5.4% year on year to Saudi riyal (SR) 5.51bn ($1.5bn) on higher sales volume and product prices, the chemicals major said late on Sunday.

Revenues rose by 15% year on year to SR41.9bn in the first quarter, with operating profit up by 7.2% at SR8.94bn, the company said in a filing to the Saudi bourse, Tadawul.

Its gross profit rose by 5.0% to SR14.2bn.

The first-quarter net profit was weighed by a restructuring initiative during the period which resulted in SR1.1bn in costs, it said.

($1 = SR3.75)

Picture: SABIC CEO Yousef Abdullah Al-Benyan, vice chairman and CEO of Saudi Arabia’s SABIC at the Boao Forum for Asia Annual Conference in Hainan Province, China on 10 Apr 2018.  (Source: Xinhua/REX/Shutterstock)