SABIC for Basic Industries turns profitable in the third quarter of this year.

Saudi Basic Industries Corporation (SABIC) turned profitable during the third quarterly period of this year, achieving net profits of one billion riyals, after the company faced losses of 2.88 billion riyals in the third quarter of last year.

Additionally, SABIC managed to realize a net profit - after deducting zakat and taxes - of 3.15 billion Saudi riyals during the first nine months of the year, compared to losses of 0.75 billion riyals recorded by the company in the corresponding period of last year.

In a disclosure to the Saudi Stock Exchange (TADAWUL) filed on Monday, the earnings per share for the first nine months of the year amounted to 1.14 riyals, after the share lost about 0.35 riyals during the same period in 2023.

SABIC clarified that the reason for the increase in quarterly net profits is due to the overall profit margin, which led to an increase in operating income by approximately 797 million riyals in the third quarter, and by 704 million riyals during the first nine months of this year, alongside a decrease in total losses from discontinued operations.

With the closing of the Saudi stock market session today, SABIC's shares (TADAWUL: 2010) fell by about 0.41%, ending trading at the level of 72.5 riyals per share.