SABIC posted a net profit of SR5.51 billion in the first quarter of 2018, an increase of 5.35% as compared to SR5.23 billion in the same period last year, and an increase of 48.92% as against SR3.7 billion in the previous quarter.

Gross profit reached SR14.21 billion for the first quarter of 2018, an increase of 5.03% as compared to SR13.53 billion in the same quarter of 2017, and an increase of 14.32% as compared to SR12.43 billion in the previous quarter.

Announcing the results at a press conference at SABIC headquarters in Riyadh on April 29, Yousef Al-Benyan, SABIC Vice Chairman and CEO, said that these results were the outcome of the company’s successful transformation program and its continued emphasis on plant reliability and Environment, Health, Safety, and Security. He further attributed the increase in profit to higher average selling prices and greater volumes sold.

The operational profit for the quarter, amounted to SR8.94 billion, an increase of 7.19% as against SR8.34 billion in the same quarter of 2017, and an increase of 36% as compared to SR6.57 billion in the previous quarter. Earnings per share reached SR1.84 compared to SR1.74 in the same quarter of the previous year.

Total sales during the first quarter amounted to SR41.86 billion, an increase of 15% as compared to SR36.32 billion for the same quarter of the previous year, and an increase of 4% as against SR40.34 billion for the previous quarter. — SG