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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Basic Industries Corporation    2010   SA0007879121

SAUDI BASIC INDUSTRIES CORPORATION

(2010)
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SABIC third-quarter net profit up 47% as sales volumes rise, some impairments reversed

10/25/2020 | 02:22am EST
A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh

DUBAI (Reuters) - Saudi Basic Industries Corp (SABIC), the world's 4th-biggest petrochemicals firm, reported a 47% rise in third-quarter profit, beating estimates on higher sales and output, but warned it still faces price pressures for some time to come.

SABIC reported a net profit of 1.09 billion riyals ($291 million) in the quarter that ended on September 30, up from 740 million riyals in the same period a year earlier. The result came after three straight quarters of losses, on a jump in impairment charges and drop in sales.

Still SABIC cautioned that supply still exceeds demand for its key products, which will continue to pressure product prices and margins for the foreseeable future.

The third-quarter return to profit, SABIC said, was mainly due to higher average selling prices, higher production and sales volume, in addition to a reversal of impairment provisions in certain financial assets in the quarter of about 690 million riyals.

Analysts had expected SABIC to post a net profit of 775 million riyals, according to a mean estimate of analysts based on Refinitiv Eikon data showed.

"The third quarter of 2020 benefited from an improvement in economic activity and an increase in oil price, which translated in higher product prices," SABIC CEO Yousef al-Benyan said in a statement.

($1 = 3.7503 riyals)

(Reporting by Saeed Azhar; Editing by Kenneth Maxwell)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 1.13% 48.24 Delayed Quote.-27.73%
SAUDI ARABIAN FERTILIZERS COMPANY -0.25% 80.6 End-of-day quote.4.00%
SAUDI BASIC INDUSTRIES CORPORATION -0.82% 96.8 End-of-day quote.3.09%
WTI 1.29% 45.54 Delayed Quote.-26.73%
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10/25SAUDI BASIC INDUSTRIES : SABIC Announces Third Quarter Results 2020
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More news
Financials
Sales 2020 114 B 30 379 M 30 379 M
Net income 2020 1 905 M 508 M 508 M
Net Debt 2020 9 943 M 2 651 M 2 651 M
P/E ratio 2020 180x
Yield 2020 3,43%
Capitalization 290 B 77 430 M 77 438 M
EV / Sales 2020 2,64x
EV / Sales 2021 2,32x
Nbr of Employees 35 000
Free-Float 100,0%
Chart SAUDI BASIC INDUSTRIES CORPORATION
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Technical analysis trends SAUDI BASIC INDUSTRIES CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 13
Average target price 79,95 SAR
Last Close Price 96,90 SAR
Spread / Highest target -2,99%
Spread / Average Target -17,5%
Spread / Lowest Target -44,3%
EPS Revisions
Managers
NameTitle
Yousef bin Abdullah Al-Benyan Vice Chairman & Chief Executive Officer
Khalid H. Al-Dabbagh Chairman
Timothy D. Leveille Executive Vice President-Corporate Finance
Bob Maughon Executive Vice President-Technology & Innovation
Abdullah Mohammed bin Ibrahim Al-Issa Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SAUDI BASIC INDUSTRIES CORPORATION3.09%77 430
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LYONDELLBASELL INDUSTRIES N.V.-7.01%29 338
PETRONAS CHEMICALS GROUP-6.12%13 506
ARKEMA2.94%8 899
JSR CORPORATION42.05%6 006