Chemicals Maker Sabic’s Profit Surges as Global Economy Reopens - Bloomberg

Chemicals Maker Sabic’s Profit Surges as Global Economy Reopens - Bloomberg

Chemicals maker Saudi Basic Industries Corp. returned to a first-quarter profit as the reopening of the global economy led to higher demand for its products.

Net income was 4.86 billion riyals ($1.3 billion) compared with a loss of 1.05 billion a year ago, and more than double the level of the previous three-month period.

“The first quarter saw rising oil prices and a tight supply and demand balance,” said Chief Executive Officer Yousef Al-Benyan. “These elements, combined with growing demand as the global economy continues to recover, resulted in higher prices and margins for most of our products.”

Revenue rose 24% to 37.5 billion riyals, the Riyadh-based company, controlled by Saudi Aramco, said Thursday. Margins are expected to remain at similar levels in the second quarter.