Riyadh – Mubasher: Saudi Basic Industries Corp (SABIC) on Sunday said that its net profits increased by 10.71% year-on-year in the third quarter of 2017.
Net profits amounted to SAR 5.79 billion in Q3-17, compared to SAR 5.23 billion in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits surged 56.06%.
The Kingdom-based industries corporation attributed the growth in its year-on-year net profits to the increase in average selling prices, and the rise in sales quantities.
Sales levelled up 11% to reach SAR 39.65 billion in Q3-17, compared to SAR 35.80 billion in the same period in the year before.
At the level of the first nine months of 2017, SABIC’s net profits went up 12.44% to SAR 14.73 billion, from SAR 13.1 billion in the corresponding period in 2016.
Year-on-year, sales grew 6% to reach SAR 111.78 billion since January until September 2017, compared to SAR 105.52 billion.
SABIC’s stock inched up 0.75%, closing at SAR 99.33 on Sunday.
