RIYADH, Oct 26 (Arab News): Saudi Basic Industries Corp. (SABIC) on Sunday reported a 19 per cent increase in its third quarter earnings as compared to the previous quarter.
The company's revenue for the third quarter of the current fiscal year reached SR29.3 billion ($7.81 billion). SABIC recorded a net profit of SR1.09 billion.
Earnings before interest, taxes, depreciation and amortization (EBITDA) at SR5.67 billion also represented a 62 per cent increase quarter over quarter and a 26 per cent decrease as compared to Q3 of the previous year.
Income from operations amounted to SR2.1 billion, which was reportedly higher than the loss from operations of SR1.26 billion in the previous quarter and lower than the profit from operations in the third quarter of 2019.
However, the revenues plunged by 11 per cent year-on-year due to the Covid-19 pandemic.
Yousef Al-Banyan, SABIC vice chairman and CEO, 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."
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