SABIC's Q1 profit rose on higher selling prices: Al-Benyan

Saudi Basic Industries Corp.’s (SABIC) net profit for the first quarter of 2017 surged on the back of higher selling prices and restructuring measures, CEO Yousef Al-Benyan told Argaam on Tuesday.

The Tadawul-listed petrochemical giant posted an 80 percent jump in net profit to SAR 5.24 billion in Q1 2017. Revenues increased 10.4 percent year-on-year (YoY) to nearly SAR 37 billion.

Selling prices in Q1 rose 20 percent YoY and 12 percent compared to the previous quarter, Al-Benyan said, speaking on the sidelines of the Euromoney Saudi Arabia Conference 2017.

Meanwhile, restructuring carried out in 2016 helped decrease SABIC’s expenses by 22 percent and enhance productivity at its factories, which boosted output and sales, the CEO added.