Saudi Basic Industries Corp (SABIC), a chemical manufacturing company, posted 12 per cent revenue growth to SAR 32.85 billion (Saudi Riyals) during fourth quarter (Q4) FY20 ended on December 31, 2020, compared to revenue of SAR 29.30 billion in third quarter of FY20. Company incurred a net profit of SAR 2.22 billion (Q3 FY20: SAR 1.09 billion).
“Despite the challenges posed by Covid-19 throughout last year, we have demonstrated the success of our business model and its ability to enhance our resilience, boost our operational excellence, and strengthen our global supply chain and presence,” Yousef Abdullah Al-Benyan, vice chairman and chief executive officer of SABIC, said in a press release.
Company’s EBITDA for Q4 FY20 increased 18 per cent to SAR 6.67 billion (SAR 1.78 billion). Income from operations rose to SAR 3.69 billion (SAR 2.10 billion).
Petrochemical & specialities revenue grew 13 per cent to SAR 28.99 billion (SAR 25.55 billion). In the performance polymers & industrial solutions business unit, polypropylene prices grew during the reported quarter by robust demand from key end industries such as consumer durables, as reported in the release.
“The fourth quarter benefited from sustained economic recovery, which translated into higher demand for our products. Our global business model and the strength of our global supply chain continue to demonstrate their resilience and flexibility, positioning us well for long-term growth,” Al-Benyan said.