SABIC profit up 33% on higher prices, volumes | Reuters
Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemicals firms, on Thursday beat expectations with a 33% rise in first quarter net profit on higher prices and volumes.
SABIC's net profit of 6.47 billion riyals ($1.72 billion) after Islamic zakat and other taxes topped the 5.125 billion riyals forecast by analysts, Refinitiv data showed.
Sales rose 40% to 52.64 billion riyals, topping an analysts forecast of 50.042 billion.
"In 2022, SABIC will remain focused on delivering its growth strategy, achieving operational resilience and meeting our ESG (environmental, social and governance) commitments while at all times maintaining a strong balance sheet," CEO Yousef Abdullah al-Benyan said in a statement.
Average selling prices were up 26% from a year earlier and 3% higher than in the fourth quarter of last year, Benyan told a news conference.
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