(MENAFN)Data from financial information website Argaam stated that Saudi petrochemical producers listed on the Tadawul stock exchange announced net profits of SR8.5 billion (USD2.27 billion) in the first three months of 2021, a 368.1 percent recover from the SR3.2 billion losses in the previous year same time span.
The huge turnaround was according to improved prices and a surge in sales.
Saudi petrochemicals giant SABIC reported in April its 1Q profits had increased to SR4.86 billion compared to the previous three months.
The Riyadh-headquartered company recovered from a loss of SR1.05 billion in the mentioned period 2021 and the rise came due a hike in average sales prices of 22 percent against last three months of last year.
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