The chemical giant has posted SR6.47bn profit in Q4.
Profits soared to SR6.47 billion last quarter, compared to SR4.9 in the same quarter a year earlier, according to a bourse filing.
The Riyadh-based company attributed the stronger results to higher average selling prices which were up 3 percent on a quarterly basis as well as an increase in sales volume.
“SABIC’s first-quarter results demonstrated strong performance driven by continued healthy demand for our products, higher oil prices, and our diverse global portfolio,” commented CEO, Yousef Al-Benyan.
“In 2022, SABIC will remain focused on delivering its growth strategy, achieving operational resilience, and meeting our ESG commitments while at all times maintaining a strong balance sheet,” he added.