DUBAI (Reuters) – Saudi Basic Industries Corp (SABIC) (SE:), 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.
($1 = 3.7503 riyals)
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