Riyadh – Mubasher: The Vice Chairman and CEO of Saudi Basic Industries Corporation (SABIC), Yousef Abdullah Al Benyan, said the growth in the third-quarter financial results was supported by the improvement in economic activity and high oil prices.
SABIC’s strong global supply chains helped the company face the challenges affecting the global economy, contributing to an improvement in sales volumes and margins.
Earlier today, SABIC reported higher annual net profits by 47.3% in the three-month period ended 30 September 2020 at SAR 1.09 billion, driven by higher production and sales volume and reversal of impairment provisions in certain financial assets of SAR 690 million.
Al Benyan pointed out that SABIC understands the role the chemical industry plays in supporting the recovery of the global economy and realises its responsibilities in this respect.
In its journey towards recovery, the company directs its focus on the health and safety of its human resources while enhancing cooperation with governments and health authorities across the globe, he stressed.
In the third quarter (Q3), SABIC began the strategic cooperation stage to play its part in leading chemical industries of the Saudi Arabian Oil Company (Saudi Aramco) and the kingdom, hence, fostering its long-term growth plan, he noted.
