Chemical giant SABIC’s reports higher than estimates profit ...| MENAFN.COM

Monday, 26 September 2022 04:23 GMT

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.

MENAFN09082022000045014228ID1104667840


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.