Saudi Basic Industries Corp (SABIC), a Saudi Arabian chemical manufacturer, recorded 13 per cent revenue growth to SAR 42.4 billion (Saudi Riyals) in second quarter (Q2) of FY21 ended on June 30, 2021, against SAR 37.5 billion in the same period of previous fiscal. Net income for the quarter surged 57 per cent to SAR 7.6 billion (Q2 FY20: SAR 6.9 billion).
Saudi Basic Industries Corp (SABIC), a Saudi Arabian chemical manufacturer, recorded 13 per cent revenue growth to SAR 42.4 billion (Saudi Riyals) in second quarter (Q2) of FY21 ended on June 30, 2021, against SAR 37.5 billion in the same period of previous fiscal. Net income for the quarter surged 57 per cent to SAR 7.6 billion (Q2 FY20: SAR 6.9 billion).#
“SABIC’s financial performance in the second quarter was strong – continuing the margin improvement seen during the first quarter of 2021. This was driven by higher sales volumes and prices, supported by a rise in oil prices and a healthy supply and demand balance for most of our key products as the global economy continued its path to recovery,” Yousef Al-Benyan, SABIC vice chairman and CEO, said in a press release.
Saudi Basic Industries Corp (SABIC), a Saudi Arabian chemical manufacturer, recorded 13 per cent revenue growth to SAR 42.4 billion (Saudi Riyals) in second quarter (Q2) of FY21 ended on June 30, 2021, against SAR 37.5 billion in the same period of previous fiscal. Net income for the quarter surged 57 per cent to SAR 7.6 billion (Q2 FY20: SAR 6.9 billion).#
The company said its EBITDA for Q1 FY21 increased 31 per cent to SAR 13.6 billion (SAR 10.4 billion). Income from operations improved 45 per cent to SAR 10.0 billion (SAR 6.9 billion).
Saudi Basic Industries Corp (SABIC), a Saudi Arabian chemical manufacturer, recorded 13 per cent revenue growth to SAR 42.4 billion (Saudi Riyals) in second quarter (Q2) of FY21 ended on June 30, 2021, against SAR 37.5 billion in the same period of previous fiscal. Net income for the quarter surged 57 per cent to SAR 7.6 billion (Q2 FY20: SAR 6.9 billion).#
Petrochemical and specialities’ revenue gained 11 per cent to SAR 36.4 billion, driven by higher sales prices. The polypropylene prices increased in most regions outside Asia along with healthy demand and tight supply in Q2, according to the chemical company. Moreover, polyethylene prices grew in most regions like Europe and US, except China.
Saudi Basic Industries Corp (SABIC), a Saudi Arabian chemical manufacturer, recorded 13 per cent revenue growth to SAR 42.4 billion (Saudi Riyals) in second quarter (Q2) of FY21 ended on June 30, 2021, against SAR 37.5 billion in the same period of previous fiscal. Net income for the quarter surged 57 per cent to SAR 7.6 billion (Q2 FY20: SAR 6.9 billion).#
In its outlook, SABIC said that it expects demand continue to remain strong with the global GDP growth rate rising between 5.5 per cent to 6.0 per cent in 2021.
Fibre2Fashion News Desk (JL)
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