The financial statements of the Saudi Basic Industries Corporation (SABIC) showed a significant increase in the company's profits last year, with a record growth of 32800%.

According to the company's results for the Saudi market (Tadawul), today, Thursday, profits last year amounted to about 23.03 billion riyals, compared to a profit of 0.07 billion riyals in 2020.< /p>

The company said in the statement that the significant increase in annual profits is mainly due to the increase in average selling prices of products, as well as the company's share in the net results of joint ventures and associate companies.< /p>

The results showed an increase in SABIC's sales last year by 49.5%; To reach 174.92 billion riyals, compared to 116.95 billion riyals, the company's sales in 2020.

On the quarterly level, the company achieved profits of about 4.93 billion riyals in the fourth quarter of last year, compared to a profit of 2.25 billion riyals in the same period in 2020, a significant increase Its rate is 119.1%.