Saudi Basic Industries Corp., the world s biggest petrochemicals maker, said third-quarter profit jumped 46 percent on higher prices, increased demand for its products and income from units.
Net income advanced to 5.33 billion riyals ($1.42 billion) from 3.65 billion riyals a year earlier, the Riyadh-based company said in a statement to the Saudi bourse today. The median of five analyst estimates was for a profit of 4.63 billion riyals, according to data compiled by Bloomberg.
Sabic expanded sales of fertilizer and plastics as demand increased and petrochemical prices rose from last year. The Saudi Arabian economy is expected to grow 3.5 percent this year as the Arab world s largest economy gains momentum from government spending and higher oil prices, central bank Governor Muhammad al-Jasser said last month.
The third-quarter results were helped by the improvement in the company s capacity utilization rate at its plants, Syed Taimure, a senior analyst at Global Investment House KSCC, said before the results were announced. There is better demand coming from China and Europe, and prices are higher from the previous year s period.
Sabic shares closed 2.3 percent higher at 89 riyals at the 3:30 p.m. close in Riyadh today. The stock gained 7.9 percent this year compared with a 2.3 percent rise in the benchmark Tadawul All Share Index. BASF SE, the world s largest chemical company, has gained 17 percent this year.
Net income advanced to 5.33 billion riyals ($1.42 billion) from 3.65 billion riyals a year earlier, the Riyadh-based company said in a statement to the Saudi bourse today. The median of five analyst estimates was for a profit of 4.63 billion riyals, according to data compiled by Bloomberg.
Sabic expanded sales of fertilizer and plastics as demand increased and petrochemical prices rose from last year. The Saudi Arabian economy is expected to grow 3.5 percent this year as the Arab world s largest economy gains momentum from government spending and higher oil prices, central bank Governor Muhammad al-Jasser said last month.
The third-quarter results were helped by the improvement in the company s capacity utilization rate at its plants, Syed Taimure, a senior analyst at Global Investment House KSCC, said before the results were announced. There is better demand coming from China and Europe, and prices are higher from the previous year s period.
Sabic shares closed 2.3 percent higher at 89 riyals at the 3:30 p.m. close in Riyadh today. The stock gained 7.9 percent this year compared with a 2.3 percent rise in the benchmark Tadawul All Share Index. BASF SE, the world s largest chemical company, has gained 17 percent this year.
