Saudi petrochemicals quarterly revenues jump 95% to 69.5 billion riyals

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Petrochemical companies listed on the Saudi stock market achieved a jump in their revenues to reach 69.5 billion riyals, a growth of 95%, compared to revenues of 35.67 billion riyals for the same period of the previous year.

Petrochemical companies also achieved net Consolidated profits during the second quarter of this yearBy about 13.3 billion riyals, compared to a net loss of 3.86 billion riyals for the same quarter of last year, through 13 listed petrochemical companies.

Petrochemical companies continued to be profitable for the fourth consecutive quarter, after three consecutive quarters of losses from the fourth quarter of 2019 until the second quarter of 2020, according to Al-Eqtisadiah newspaper.

The profitability of the consolidated Saudi petrochemical companies in the second quarter returns on an annual basis, after the average selling prices of products improved during the period, and they clearly benefited from the improvement in economic activity and the rise in oil prices.

Ten companies achieved profits against a net loss, while Three companies achieved year-on-year growth in their profits during the period, which are all of “SABIC Agro-Nutrients, SLIDs, and Advanced”.

While SABIC achieved a net profit of 7.64 billion riyals, compared to a net loss of 2.22 billion riyals, and the company expects that the year 2021 is on its way to be a stronger performance than the previous year.

SABIC also expects profit margins to moderate in the second half of the year while maintaining good rates, in light of the continued rise in oil prices and the cost of feedstock and the entry of new production quantities.

Compared to the previous quarter, net profits jumped by about 57 percent, as companies achieved 8.47 billion riyals in net profits.

Thus, the companies achieved net profits in the first half of about 21.76 billion riyals, compared to a net loss of 7.04 billion riyals for the same period of 2020.





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