The financial statements of the Saudi Basic Industries Corporation (SABIC) showed the company's transformation to profitability in the first nine months of this year, compared to losses for the same period in 2020.
According to the company's results for the Saudi market (Tadawul), today, Thursday, the profits for the period amounted to 18.1 billion riyals, compared to losses for the first nine months of 2020 of 2.18 billion riyals.
The company achieved a net profit of 5.59 billion riyals in the third quarter of this year, compared to 1.09 billion riyals in profits for the same period last year, with a jump in profits by 412.8% .
The company said in a statement to the stock exchange that the increase in profits during the comparison periods is mainly due to the increase in the average selling prices of products.
SABIC data revealed that the company's sales increased by more than 49% during the period; To reach 43.7 billion riyals, compared to 29.3 billion riyals in the same period of the previous year.
