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Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq
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Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq

The Saudi Exports Development Authority has organized a commercial mission under the identity "Made in Saudi" to Iraq, which held a meeting in Basra on Thursday.
The commercial mission to Basra involved over 28 Saudi companies and 130 Iraqi companies from various sectors, mainly construction materials, chemicals and polymers, energy, and packaging.
Talks went over new prospects for cooperation with the Iraqi side to support the access of national products to the promising Iraqi markets and achieve the wise leadership's aspirations to diversify sources of national income and promote Saudi non-oil exports.
The mission included a number of meetings, agreements and memorandums of understanding between the Saudi and Iraqi sides.
According to SPA, Saudi Arabia's non-oil exports to Iraq over the past five years (2018-2022) have reached SAR14.8 billion, where the building materials sector topped the list of exporting sectors during the period with a value of SAR4.42 billion, followed by the food product sector with SAR4.04 billion.

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SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
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SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemical firms, returned to profit in the third quarter, recovering from a loss a year earlier, helped by higher revenue and core earnings.

SABIC, 70% owned by Aramco, reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30, according to a disclosure to the Saudi Stock Exchange (Tadawul).

This is a major improvement from a loss of SAR 2.87 billion during the same period last year.

SABIC CEO Abdulrahman Al-Fageeh said: “The increase in the third quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations.”

Analysts had projected that SABIC would achieve profits of up to SAR 1.7 billion.

SABIC attributed its growth mainly to higher average selling prices, which were partially offset by a slight decline in sales volumes.

The company’s net profit was primarily driven by an increase in operating income of about SAR 797 million, thanks to improved profit margins despite higher operating costs. Gains also came from selling its specialized business that produces plastic sheets and films, along with foreign exchange benefits in the third quarter of 2024.

Profit was also driven by a decrease in losses from discontinued operations by around SAR 3.3 billion, mainly due to the fair value assessment of Saudi Iron and Steel Company (Hadeed), classified as a discontinued operation while awaiting the closure of a previously announced sale.

This was partly offset by a drop in financing income of SAR 390 million from the revaluation of equity derivatives, which are non-cash items.