Saudi Basic Industries Corp (SABIC), the world's largest chemical producer by market value, posted a 54 percent rise in its third-quarter net profit, beating analyst expectations on the back of high product prices and continued strong global demand.
SABIC had indicated earlier this year that it expected demand for its products, which include chemicals, industrial polymers, fertilisers and metals, would be robust for the rest of the year. The company made a record net profit of 8.2 billion riyals ($2.2 billion) in the three months ended September 30, compared with 5.3 billion riyals in the same period a year earlier.
"The best quarter in SABIC history is this quarter," chief executive Mohammed al-Mady told a news conference on Monday. Five analysts surveyed by Reuters had expected the company to post on average 7.9 billion riyals in third-quarter profit. Mady also said the firm's sales in the quarter were 49 billion riyals, compared with 38 billion in the same period of 2010.
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