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SABIC reported financial results in the press conference.
SABIC reported financial results in the press conference.

SABIC reported strong financial results for the first three-quarters of the year, with net profits reaching SR 18.3 billion (US$4.87 billion) - an increase of 24.236% as against the same period in 2017.

Gross profits reached SR 44.95 billion (US$11.98 billion), a growth of 20.058% as against the same period last year.

Announcing the results at a press conference in Riyadh on Oct. 28, Yousef Al-Benyan, SABIC Vice Chairman and CEO, attributed the company's strong performance this quarter to higher levels of reliability in operations and cost efficiency.

"Our business transformation program, initiated in 2015, continues to yield results as we drive toward realization of our 2025 strategy,” he said.

Operational profits for the first three quarters reached SR 29.73 billion (US$7.92billion), an increase of 32.604% as against for the corresponding period the previous year.

Sales for the first three quarters reached SR 128.86 billion (US$34.35 billion), an increase of 17.744% as compared to the same period last year.

Sales for the current quarter reached SR 43.71 billion (US$11.65 billion), a rise of 13.004% as compared to the same quarter last year.

SABIC is optimistic about the state of the global and Saudi economies, with the outlook for growth in each being strong.

Al-Benyan acclaimed the valuable contributions made by the employees in the company's new phase of growth – especially their efforts to increase the company’s rate of reliability.

"Our dedicated employees are our strongest asset,” he said. “Thanks to their focused efforts, we have improved reliability to the point that we are able to absorb the higher feedstock and product costs we have been experiencing this year.”

Al-Benyan pointed to SABIC’s moving from fourth to third on Forbes’ annual ranking of the world’s largest chemical companies. Also, Moody’s has given SABIC an “A” rating, due to its “strong global position” in petrochemicals and fertilizers and access to competitively priced raw materials.

"We are humbled by these distinctions from Forbes and Moody’s see them as a major recognition of the progress we are making toward becoming the world’s preferred provider of chemicals by 2025,” Mr. Al-Benyan said.

He also said SABIC would be establishing a new company to promote the development of small-to-medium-sized enterprises and local content creation in Saudi Arabia – on which more details will be forthcoming.

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