Petrochemicals giant Saudi Basic Industries Corporation (SABIC) on Thursday said it made 4.93 billion riyals ($1.32 billion) in net profit for the fourth quarter 2021, more than double its year-ago effort due mainly to higher selling prices and volumes.
On a sequential quarter basis, the profit was 12 percent lower compared with a net income of 5.59 billion riyals it made in the period ended September 2021.
Analysts on average expected the Q4 profit to hit 5.5 billion riyals, according to Refinitiv data.
Revenue came in at 51.28 billion riyals, a 56 percent increase year-over-year (y-o-y).
Q4 net profit was also impacted by an increase in financial charges mainly driven by the re-measurement of derivatives equity instruments for the forward contracts related to certain joint venture agreements by 0.59 billion riyals, the company said in a statement on Tadawul.
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