The Saudi Basic Industries Company (SABIC) recorded a profit of 4.86 billion riyals in the first quarter of 2021 against the loss of billion riyals in the same period last year.
The profits of 116% compared to the previous quarter of SR 2.25 billion.
The company attributed its statement on the Saudi market site trading, Thursday, quarterly earnings rise to average price selling products.
"The Chief Executive Officer Joseph Al-Banyan said the first quarter witnessed an increase in oil prices and shrinking balance in supply and demand. These elements, together with the growing demand, have continued to recover the world economy, to high prices and profit margins for most of our products.
SABIC's profits from the first quarter of 2021 are more expectations at 3.68 billion riyals, based on five analysts in Icon Rafinity.
The profits of SABIC's agricultural nutrients, after Zakat and Tax, rose 39.1% in the first quarter of 2021, to 423 million riyals, compared to SR 304 million In the first quarter of 2020.
"And on a quarter-finals, net profit for nutrients rose 80.8% compared to net profit 234 million riyals in the fourth quarter of 2020,
"The company said in a statement on Saudi trading on Wednesday, the reason for the rise in net profit during the first quarter compared to the same quarter of the previous year returns to high quantities sold for products The company, high average selling prices for company products.
