SPDRY ropes in UN body to support 4 least developed Arab countries including Yemen    12,855 coronavirus protocol violations reported in a week    Prince Fahd bin Jalawi Takes Part in 32nd Heads of GCC Olympic Committees meeting    KSrelief Distributes 3,285 Cartons of Dates, in Lahij, Taiz Governorates, Yemen    Assassinated Iranian scientist shot with remote-controlled machine gun: Report    Saudi–German pact inked to supply coronavirus vaccine    Kaymer seeking more success in UAE ahead of Dubai doubleheader    20by2020 improves water quality in rural communities of Madagascar    Shura Council Holds its 4th Ordinary Session    If OPEC+ increases output in January, a 200mb glut will build through May    Bahrain Cabinet lauds role of Coast Guard during Qatari interception of two vessels    'Judges should not apply independent reasoning in matters having legal text'    Moderna to seek U.S., EU authorization for its vaccine on Monday    NATO FMs to discuss Afghanistan developments and ties with Russia and China    Volume of e-commerce jumps to SR44 billion    Saudia Cargo is ready to transport and receive coronavirus vaccine    Biden picks all-female senior White House communications team    SAMA: Over 234 Thousands New Mortgages Contracts Until October 2020    Shura Council Speaker Receives Mexican Ambassador to Saudi Arabia    OIC Condemns Terrorist Attack on Farmers in Nigeria    The Joint Forces Command of the Coalition to Restore Legitimacy in Yemen: Terrorist Houthi Militia Launches Ballistic Missile (Monday) Morning from (Amran), Falls in (Sa'dah)    India COVID-19 Cases Top 9.4 Million    Aramco Announces Expansion of Its Flagship Localization Program    HRH Crown Prince Congratulates President of Central African Republic on Republic Day    British actor Prowse who played Darth Vader dies aged 85    SAOC chief affirms sports initiatives contribute to empowering women 1st International Gender Equity and Women Leadership Forum concludes    Saudi Pavilion at Expo 2020 Dubai Announces Completion of Construction    Mahrez hat-trick as Manchester City thrash Burnley 5-0 yet again    Late penalty leaves Liverpool with draw at Brighton    Maradona laid to rest as scores of fans mourn in Buenos Aires streets    GAZOO Racing wins 2019-2020 FIA World Endurance Championship    Rapper Shouly releases debut solo album ‘The Empty Quarter' Album tackles big issues including fear, vice, anxiety, family, and religion    Improving immunity key reason to participate in Dubai Fitness Challenge    Argentina Soccer Legend Maradona Dies of Heart Attack    Study: Small link between blood type O and lower risk for severe COVID-19 illness    Coman rescues 1-1 draw for Bayern against Werder    MCIT Launches Initiative to Raise Awareness on Cyberbullying    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Saudi Medical Team Restore Young Man's Lost Vision, One Year later    KSrelief Organizes Awareness Campaign on Breast Cancer in Aden Governorate, Yemen    Ithra Signs Agreement with Supreme Council of Antiquities of Egypt    Court facilitates young woman's marriage after stripping father's guardianship    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    S. P. Bala, legendary Indian singer, dead at 74    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





SABIC reports Q3 net profit of SR1.09 billion
Published in The Saudi Gazette on 25 - 10 - 2020

Saudi Basic Industries Corp (SABIC) reported a net profit of SR1.09 billion [$0.29 billion] was higher than the net loss of SR2.22 billion [$0.59 billion] in the previous quarter and the net profit of SR0.74 billion [$0.20 billion] in the third quarter of 2019.
SABIC on Sunday reported its earnings for the third quarter of 2020 with the company's revenue for the third quarter reaching SR29.30 billion ($ .81 billion), representing an increase of 19% compared to the previous quarter and an 11% decrease year-on-year.
EBITDA of SR5.67 billion [$1.51 billion], also represented a 62% increase quarter-over-quarter and a 26% decrease year-over-year.
Income from operations of SR2.10 billion [$0.56 billion] was higher than the loss from operations of SR1.26 billion [$0.34 billion] in the previous quarter and lower than the profit from operations of SR3.79 billion [$1.01 billion] in the third quarter of 2019.
Yousef Al-Benyan, SABIC vice chairman and CEO, attributed SABIC's performance to the company's resilience despite a challenging global economic environment.
He said: "The third quarter of 2020 benefited from an improvement in economic activity and an increase in oil price, which translated into higher product prices.
"During this time, the strength of our global supply chain continued to allow us to meet the challenges facing the global economy, while our business and operational performance continued to demonstrate resilience. This reflected in higher sales volumes and improved margins in the third quarter of 2020."
Al-Benyan added: "Faced with the coronavirus pandemic, the whole world has had to adapt to a "New Normal". We recognize the important role that the chemical industry plays in the recovery of the global economy and our role within that.
"As the road to recovery continues, we will remain focused on protecting the health and welfare of our employees, supporting the business requirements of our customers, and collaborating with governments and health authorities around the world."
The third quarter also saw SABIC commence the implementation phase of its alignment as the chemical arm of Saudi Aramco, positioning it well to achieve long-term growth and to create and deliver value for its stakeholders.
Commenting on the alignment between the two companies, Al Benyan said: "The portfolios of SABIC and Saudi Aramco complement one another, and we are both global organizations with a deep understanding of the worldwide marketplace.
"Together, we have embarked on a new journey based on shared values. We share the responsibility of defining the path of both companies and realize the vital importance of creating and delivering value for our shareholders."
The reporting period witnessed numerous examples of SABIC's ongoing collaboration with its partners to deliver sustainable solutions. In September, Aramco, SABIC and the Institute of Energy Economics, Japan, demonstrated the successful production of blue ammonia and the world's first shipment of the product from Saudi Arabia to Japan.
Another major milestone was reached through a groundbreaking initiative with Spanish energy leader Iberdrola to transform its polycarbonate facility in Cartagena, Spain, into the world's first large-scale chemical production site to run entirely on renewable power.
September saw SABIC partner with a leading UK supermarket chain, Tesco, to conduct a trial proving that soft plastic - that would typically go to waste - can be recycled multiple times into new food grade plastic as part of a closed loop recycling system.
SABIC's ongoing fight to help the world overcome the COVID-19 pandemic continued playing a central role this quarter as part of the company's global CSR program. To date, the company has delivered 191 global programs in 22 countries, aimed at reaching over 32 million beneficiaries.
In Saudi Arabia, SABIC's NUSANED initiative has supported local industry development and SABIC's localization agenda. A recent highlight saw the company sign a SR37 million JV deal to manufacture sustainable wood plastic composites.
SABIC has more than 33,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, SABIC has 11,738 global patent filings, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia. — SG


Clic here to read the story from its source.