Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) on Sunday reported a 5.35% year-on-year increase in its profits during the first quarter of 2018.
SABIC’s net profits grew to SAR 5.51 billion in Q1-18, up from SAR 5.23 billion during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed firm attributed the rise in its first-quarter profits to higher prices and sales volume.
“The shareholders equity (excluding non-controlling interests) at the end of Q1-18 is SAR 171.33 billion compared to SAR. 162.95 billion at Q1-17, with an increase of 5%,” the statement added.
The Middle East’s biggest petrochemicals producer noted that profits levelled up despite its restructuring plan which aims to raise productivity, create more job opportunities for SABIC’s employees, and lower costs structure.
The financial impact of this scheme on total costs reached SAR 1.1 billion in Q1-18, the Saudi Arabia-based company said.
SABIC’s sales went up 15% to SAR 41.86 million during the three-month period ended March 2018, from SAR 36.32 billion in the corresponding period in a year earlier.
Quarter-on-quarter, profits surged 48.92% in Q1-18, compared to Q4-17.
SABIC’s stock declined 2.05% to close Thursday at SAR 118.69.
