AlwaysFree: Saudi Basic Industries Corporation (SABIC) Reports Fivefold Profit Jump

Saudi Basic Industries Corporation (SABIC) reported a post-tax profit of SAR5.6 billion ($1.49 billion) for the third quarter of 2021, representing a fivefold jump from a year earlier. However, it missed analysts’ consensus estimates for a profit of SAR6.1 billion ($1.62 billion). Quarterly revenues surged 49% from a year earlier to SAR43.7 billion ($11.64 billion). The robust increase was mainly attributed to rising average selling prices and increasing share of results from joint ventures and associates. SABIC also posted zero impairments in July-September, unlike the preceding quarter. Although average sales prices rose, margins moderated in the third quarter due to a rise in feedstock costs, the company added.