SABIC posts 17% net profit rise in FY18 on higher prices
Saudi Basic Industries Corp. (SABIC) reported a 16.9 percent increase year-on-year (YoY) in net profit after zakat and tax to SAR 21.5 billion for fiscal year 2018, driven by higher average selling prices and sales volumes.
The giant petrochemical producer’s strategic restructuring initiative had a SAR 1.1 billion impact on total costs, the company said in a bourse statement.
The fourth-quarter net profit after zakat and tax declined 12.4 percent YoY to SAR 3.2 billion, due to a decline in average selling prices and lower profit share from associates and joint ventures.
On a quarterly basis, net profit fell 46.9 percent on an increase in general and administrative expenses.