Saudi chemicals maker Sabic posts $290m profit

Saudi chemicals maker Sabic posts $290m profit

BloombergSaudi Basic Industries Corp, the chemical maker in which Saudi Aramco holds a majority stake, returned to profit in the third quarter amid signs that demand is recovering from the impact of the coronavirus. The company, known as Sabic, said third-quarter profit was 1.09 billion riyals ($290 million) compared with 740 million riyals in the same period last year. Profit rises mainly due to the reversal of 690 million riyals ($184 million) of impairments associated with Clariant AG, in which Sabic holds a 31.5% stake. Sabic said it benefited from a rebounding world economy but remained cautious on the outlook. Petrochemicals prices have picked up due to higher crude prices and stronger demand after the initial wave of virus-related lockdowns in the second quarter, Chief Executive Officer Yousef Al-Benyan said