Riyadh Announces Net Profit of Sr 5.51 Billion for First Quarter 2018
29/04/2018
SABIC posted a net profit of SR 5.51 billion in the first quarter of 2018, an increase of 5.35% as compared to SR 5.23 billion in the same period last year, and an increase of 48.92% as against SR 3.7 billion in the previous quarter.
Gross profit reached SR 14.21 billion for the first quarter of 2018, an increase of 5.03% as compared to SR 13.53 billion in the same quarter of 2017, and an increase of 14.32% as compared to SR 12.43 billion in the previous quarter.
Announcing the results at a press conference at SABIC headquarters in Riyadh on April 29, Yousef Al-Benyan, SABIC Vice Chairman and CEO, said that these results were the outcome of the company’s successful transformation program 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 SR 8.94 billion, an increase of 7.19% as against SR 8.34 billion in the same quarter of 2017, and an increase of 36% as compared to SR 6.57 billion in the previous quarter. Earnings per share reached SR 1.84 compared to SR 1.74 in the same quarter of the previous year.
Total sales during the first quarter amounted to SR 41.86 billion, an increase of 15% as compared to SR 36.32 billion for the same quarter of the previous year, and an increase of 4% as against SR 40.34 billion for the previous quarter.
Riyad Al-Faiz
Leader, Global Communications