Original title: Sabic’s third-quarter revenue reached 11.65 billion US dollars, an increase of 49% year-on-year
According to a report by the Arab Trade Network in Riyadh on October 28, 2021, according to China Petrochemical News, the statistics released by the Saudi Arabian petrochemical giant Saudi Basic Industries Corporation (Sabic/Sabic) in Riyadh today show that Sabic in the third quarter of this year The operating income of 43.7 billion riyals (11.65 billion U.S. dollars) was an increase of 3% over the second quarter of this year.
Compared with the third quarter of last year, Sabic’s operating income in the third quarter of this year increased by 49%.
Thanks to higher average selling prices, Sabic’s after-tax profit in the third quarter jumped from 1.1 billion rials in the same period last year to 5.6 billion rials ($1.5 billion), a five-fold increase.
However, Sabic said its net profit in the third quarter was lower than the 7.64 billion riyals (2.04 billion US dollars) in the second quarter of this year.
Compared with the second quarter of this year, the average selling price of Sabic in the third quarter increased by 5%. Compared with the second quarter, sales in the third quarter of this year fell slightly by 2%.
Compared with the first nine months of last year, Sabic’s average sales price in the first nine months of this year has increased by 50%, and sales have fallen by 4%.
Li Jun compiled from Arab Trade Network
The original text is as follows:
Sabic revenues hit $11.65bn in Q3; profit $1.5bn
Petrochemicals giant Saudi Basic Industries Corporation (Sabic) today announced a revenue of SR43.7 billion ($ 11.65 billion) for the third quarter of 2021, an increase of 3% compared with the second quarter of 2021.
The revenue was up 49% compared to the third quarter of 2020.
Sabic’s post-tax profit jumped five-fold to SR5.6 billion ($1.5 billion), up from SR1.1 billion a year earlier, helped by higher average selling prices.
However, the net income was lower than the SR7.64 billion ($2.04 billion) achieved during the second quarter of 2021, the company said.
The third quarter of 2021 saw average sales prices increase by 5% compared with the second quarter of 2021. Sales volumes slightly decreased by 2% in the third quarter of 2021 compared with the second quarter of 2021.
For the first nine months of 2021, average sales prices increased by 50% and sales volumes decreased by 4% compared with the first nine months of 2020.
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