Petrochemicals firms in Saudi Arabia posted robust earnings for Q3, although rising feedstock prices did squeeze margins. Margins will likely be squeezed further in Q4, but with demand staying strong, profits still remain healthy and a return to the bleak performance of 2019-2020 is a long way off.
Despite profits easing from their recent highs last quarter, most of the kingdom’s Tadawul-listed petchems firms reported sizeable revenue gains. The largest of these is Sabic, in which state-owned oil giant Saudi Aramco holds a 70% stake. Sabic posted its highest revenues in more than three years. (CONTINUED - 898 WORDS)