Saudi Basic Industries Corp., the chemical maker in which Saudi Aramco holds a majority stake, returned to profit in the third quarter amid signs that demand is recovering from the impact of the coronavirus.
The company, known as Sabic, said third-quarter profit was 1.09 billion riyals ($290 million) compared with 740 million riyals in the same period last year. Profit rose mainly due to the reversal of 690 million riyals of impairments associated with Clariant AG, in which Sabic holds a 31.5% stake. Revenue in the three months to the end of September fell 11% to 29.3 billion riyals.
