The net profit of Saudi SABIC jumped by 413% in the third quarter of the year to reach 5.6 billion riyals, compared to the same quarter of last year.
The company said in a statement posted on the Tadawul website that quarterly revenues rose 49% to 43.7 billion riyals, compared to 29.3 billion riyals it had recorded during the third quarter of 2020.
For the first nine months of 2021, the company achieved a net profit of 18.1 billion riyals, compared to losses of 2.6 billion riyals during the same period of 2020.
While revenues in the first nine months of 2021 increased by 47% to reach 123.6 billion riyals.
SABIC attributed the increase in net profit during the current quarter compared to the same quarter of the previous year to the increase in average selling prices of products.