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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

SABIC records 412% spike in net profit to $1.5bn in Q3

“The increase in net income is mainly attributable to higher average selling prices and increase in the share of results of joint ventures and associates."
  • Sales jumped by 49 percent year on year to 43.7 billion riyals, while operational profit climbed 266 percent to 7.7 billion riyals
  • The company also noted that sales volumes in the third quarter were slightly down by 2 percent when compared with the second quarter of 2021

Saudi Basic Industries Corp. (SABIC) has posted a nearly 400 percent spike in net profit to $1.5 billion for the third quarter as revenues grew on the back of higher prices.

Sales jumped by 49 percent year on year to 43.7 billion riyals, while operational profit climbed 266 percent to 7.7 billion riyals.

“The increase in net income is mainly attributable to higher average selling prices and increase in the share of results of joint ventures and associates,” said SABIC, which is majority owned by oil giant Saudi Aramco.

The company also noted that sales volumes in the third quarter were slightly down by 2 percent when compared with the second quarter of 2021, but sales prices posted a 5 percent gain during the same period. Third-quarter revenue also went up slightly at 3 percent, compared to the previous quarter.

“SABIC’s health financial performance during the third quarter of 2021 marked a continuation of our recovery from the impact of COVID-19,” said Yousef Abdullah Al-Benyan, Vice Chairman and CEO of SABIC.

Last September, the company announced it has started commissioning activities, as well as preparations, for its petrochemicals joint venture project in the US Gulf Coast. SABIC had entered the joint venture project with ExxonMobil in 2019.

“This project supports SABIC’s growth strategy, and its aim to diversify its feedstock sources and strengthen its petrochemical manufacturing presence in North America,” Al-Benyan added.