SABIC an­nounces $4.88bn net prof­its for first three quar­ters

SABIC re­ported strong fi­nan­cial re­sults for the first three quar­ters of the year, with net prof­its reach­ing $4.88bn as against $3.93bn in the same pe­riod in 2017, an in­crease of 24.24%

Refining & Petrochemicals Middle East - - NEWS -

Gross prof­its reached 11.99bn as against $9.98bn in the same pe­riod last year – an in­crease of 20.06%.

“Our busi­ness trans­for­ma­tion pro­gramme, ini­ti­ated in 2015, con­tin­ues to yield re­sults as we drive to­ward re­al­i­sa­tion of our 2025 strat­egy,” Yousef Al-benyan, SABIC vice chair­man and CEO, said.

SABIC is op­ti­mistic about the state of the global and Saudi economies, with the outlook for growth in each be­ing strong.

Al-benyan ac­claimed the valu­able con­tri­bu­tions made by the em­ploy­ees in the com­pany’s new phase of growth – es­pe­cially their ef­forts to in­crease the com­pany’s rate of re­li­a­bil­ity.

“Our ded­i­cated em­ploy­ees are our strong­est as­set,” Al-benyan said. “Thanks to their fo­cused ef­forts, we have im­proved re­li­a­bil­ity to the point that we are able to ab­sorb the higher feed­stock and prod­uct costs we have been ex­pe­ri­enc­ing this year.” Al-benyan pointed to SABIC’S mov­ing from fourth to third on Forbes’ an­nual rank­ing of the world’s largest chem­i­cal com­pa­nies. Also, Moody’s has given SABIC an ‘A’ rat­ing, due to its ‘strong global po­si­tion’ in petro­chem­i­cals and fer­tilis­ers and ac­cess to com­pet­i­tively priced raw ma­te­ri­als.

Yousef Al-benyan, vice chair­man and CEO, SABIC.

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