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    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 EDT
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)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.04% 74.26 Delayed Quote.40.72%
SABIC AGRI-NUTRIENTS COMPANY -1.65% 119 End-of-day quote.47.64%
SAUDI BASIC INDUSTRIES CORPORATION -1.12% 123.2 End-of-day quote.21.50%
WTI 0.00% 72.38 Delayed Quote.47.25%
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Financials
Sales 2021 154 B 41 151 M 41 151 M
Net income 2021 17 992 M 4 798 M 4 798 M
Net Debt 2021 4 279 M 1 141 M 1 141 M
P/E ratio 2021 20,6x
Yield 2021 3,00%
Capitalization 370 B 98 547 M 98 558 M
EV / Sales 2021 2,42x
EV / Sales 2022 2,40x
Nbr of Employees 35 000
Free-Float 30,0%
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Technical analysis trends SAUDI BASIC INDUSTRIES CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 12
Average target price 110,65 SAR
Last Close Price 123,20 SAR
Spread / Highest target 7,14%
Spread / Average Target -10,2%
Spread / Lowest Target -35,1%
EPS Revisions
Managers and Directors
NameTitle
Yousef bin Abdullah Al-Benyan Vice Chairman & Chief Executive Officer
Timothy D. Leveille Executive Vice President-Corporate Finance
Khalid Hashim Al-Dabbagh Chairman
Bob Maughon Executive Vice President-Technology & Innovation
Khaled Hamza Nahas Independent Director
Sector and Competitors