Saudi state petchems giant Sabic swung back into profit last quarter for the first time since 3Q 2019. Net profits of $291mn were a significant improvement on Q2’s $590mn loss, and outstripped $220mn year-ago profits.
CEO Yousef Al-Benyan says Q3 “benefited from an improvement in economic activity and an increase in oil price, which translated into higher product prices. During this time, the strength of our global supply chain continued to allow us to meet the challenges facing the global economy, while our business and operational performance continued to demonstrate resilience. This reflected in higher sales volumes and improved margins.” Volumes rose 8% and prices 11% versus Q2. (CONTINUED - 170 WORDS)