SABIC posts 5.4% higher net profit of $1.5bn in first quarter

SABIC posts 5.4% higher net profit of $1.5bn in first quarter
Yousef Al-Benyan, SABIC vice chairman and CEO, announces the Q1-2018 results at a press conference at SABIC headquarters in Riyadh on 29 April 2018.
Published: 1 May 2018 - 9 p.m.
By: Martin Menachery

SABIC posted a net profit of $1.5bn in the first quarter of 2018, an increase of 5.35% as compared to $1.39bn in the same period last year, and an increase of 48.92% as against 0.99bn in the previous quarter.

Gross profit reached $3.79bn for the first quarter of 2018, an increase of 5.03% as compared to $3.61bn in the same quarter of 2017, and an increase of 14.32% as compared to $3.31bn in the previous quarter.

Announcing the results at a press conference at SABIC headquarters in Riyadh on 29 April 2018, Yousef Al-Benyan, SABIC vice chairman and CEO, said that these results were the outcome of the company’s successful transformation programme and its continued emphasis on plant reliability and environment, health, safety, and security. He further attributed the increase in profit to higher average selling prices and greater volumes sold.

The operational profit for the quarter, amounted to 2.38bn, an increase of 7.19% as against $2.22bn in the same quarter of 2017, and an increase of 36% as compared to $1.75bn in the previous quarter. Earnings per share reached $0.49 compared to $0.46 in the same quarter of the previous year.

Total sales during the first quarter amounted to $11.16bn, an increase of 15% as compared to $9.69 for the same quarter of the previous year, and an increase of 4% as against $10.76bn for the previous quarter.


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