Saudi Basic Industries Corp (SABIC), one of world’s biggest petrochemicals firm, reported a 47% rise in third-quarter profit, beating estimates on higher sales 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 third-quarter return to profit, SABIC said, 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 riyals.
Analysts had expected SABIC to post a net profit of 775 million riyals, Reuters reported.
“The third quarter of 2020 benefited from an improvement in economic activity and an increase in oil price, which translated in higher product prices,” SABIC CEO Yousef al-Benyan said in a statement.