Saudi Basic Industries Corporation (SABIC) today announced its profit for the third quarter of 2021, with revenue of 43.7 billion Saudi riyals (US $ 11.65 billion), up 3% from the previous quarter.
Operating income for the third quarter was 7.7 billion riyals ($ 2.05 billion), down 23% from the previous quarter, while net profit was 5.59 billion riyals ($ 1.49 billion), 27% lower than net profit. In the previous quarter.
“The company’s good financial performance (COWIT-19) in the third quarter of 2021 reflects a continued recovery from the impact of the epidemic, although it is less than exceptionally strong performance for the quarter,” said the SABIC vice-president. CEO Yousef bin Abdullah Al-Bunyan said, “The margins offset by the increase in average selling prices were moderate due to higher raw material costs in the third quarter.
Al-Benyan highlighted SABIC’s announcement of the preparation and production activities for the test run of the Joint Petrochemical Industries Project in the US Gulf Coast “Gulf Coast Development Project” in support of SABIC’s Global Growth Strategy. And enhances the company’s presence in the petrochemicals manufacturing sector in North America.
Based on the value-added cooperation between SABIC and Aramco, SABIC has been focusing on maintaining its momentum in this regard and the pace of its growth since its conclusion; To augment the value of this collaboration, SABIC reached $ 350 million in the first nine months of 2021.