Saudi-listed petrochemicals producers have reported a bumper third quarter, with combined net profits of SR8.81bn ($2.35bn), up 61% on Q2 to record their highest collective quarterly profit since Q3 2014 (see table). At that time crude oil prices were just beginning their plunge from all-time highs, with Arab Light crude selling for more than $100/B.
Twelve of the 14 Saudi petchems firms listed on the Tadawul stock exchange had disclosed quarterly results by MEES press time this week – with only two minnows yet to report (see table). Eight firms, including sector giant Sabic, reported profits jumps of over 50% on the back of stronger sales as the global economy continues to pick up pace. (CONTINUED - 896 WORDS)
