Chemical giant SABIC’s reports higher than estimates profit of USD2.1B

(MENAFN) Saudi chemical giant SABIC has posted an increase in April-June revenues to SR7.93 billion (USD2.1 billion), defeating forecasters’ average approximation of SR5.9 billion (nearly USD1.56 billion).

Profits surged around 4 percent from SR7.6 billion (USD2 billion in the stated period in 2021, in line with a bourse filing.

Argaam data presented that forecasters had previously estimated a 23-percent income decrease accompanied by a 25.7 percent jump in sales to SR53.3 billion (nearly USD14.1 billion).

The Riyadh-based firm attributed the results to increased average trading costs as well as sales capacity, regardless of a surge in feedstock costs.

Between the main expansions this quarter, SABIC begins pre-commissioning activities at its China plant in partnership with China Petroleum & Chemical Corp., Sinopec. The plant has a yearly manufacture volume of 260,000 tons.

The firm’s board also suggested a SR2.25 a share cash dividend for the first 6 month of the year, indicating a whole payout of SR6.75 billion.


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