S Arabia’s SABIC Q3 profit up 10.7% on higher prices, sales volumes

SINGAPORE (ICIS)–SABIC’s third-quarter net profit rose by 10.7% year on year to Saudi riyal (SR) 5.79bn ($1.5bn) on the back of higher average selling prices of products, and increased sales volumes, the Saudi Arabian chemical producer said over the weekend.

The company’s gross profit was up by 6.7% year on year at SR14.1bn, while operational profit rose by 8.9% to SR8.56bn, the company said in a filing to the Saudi bourse, Tadawul, on 29 October.

SABIC’s overall sales for the September quarter increased by 11% year on year to SR39.7bn, it said.

For the first nine months of this year, the company’s net profit rose by 12.4% year on year to SR14.7bn, with operational profit up by 12.1% at SR22.3bn.

Sales in January-September this year rose by 6% year on year to SR111.8bn.

($1 = SR3.75)

Picture: A facility belonging to a SABIC affiliate (Source: SABIC)