Saudi’s Sabic Sees Profit Surge Amid Global Chemical Boom
- Aramco-controlled Sabic made highest income in almost a decade
- Chemicals firms benefiting as prices of plastics, paint rise
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Saudi Basic Industries Corp., the world’s biggest chemicals maker by market value, saw profit surge in the second quarter as the economic recovery from the coronavirus pandemic boosted products from plastics to paint.
The Riyadh-based company, controlled by state oil producer Saudi Aramco, made net income of 7.64 billion riyals ($2 billion), the highest quarterly figure in almost a decade and up around 60% from the first three months of the year. Revenue climbed 72% year-on-year to $11.3 billion.