Sabic rebounds with net profit of $1.3bn in Q1
RIYADH, 5 hours, 58 minutes ago Saudi Basic Industries Corp (Sabic), a global leader in chemicals, said that its net profits during the first quarter (Q1) of the year reached SR4.86 billion ($1.30 billion), rebounding from a net loss of SR1.05 billion in Q1 2020 on the back of higher prices and margins. This was higher than the net profits of SR2.25 billion [$0.60 billion] in the previous quarter, it added. The company’s revenue for the first quarter reached SR37.53 billion ($10.01 billion), representing an increase of 14% compared to the previous quarter and a 24% increase year-on-year.
DUBAI: Saudi Aramco has asked banks to extend by a year a US$10 billion (RM40.09 billion) loan it raised last May, two sources familiar with the matte.
Saudi’s Sabic expects business performance to be positive in Q1
31 Jan 2021 The Chief Executive of Sabic, Yousef Abdullah Al Benyan, speaks during a news conference in Riyadh, Saudi Arabia. Reuters Saudi Basic Industries Corp (Sabic), the world’s fourth-biggest petrochemicals firm, expects business performance to be positive in the first quarter of 2021 after an uptick in chemical prices but remains cautious given COVID-19 uncertainty, its CEO said on Sunday.
Saudi Aramco’s acquisition of a 70 per cent stake in Sabic will have a financial benefit worth $3 billion to $4 billion, Yousef Abdullah al-Benyan told reporters on a virtual news conference.