Chemicals maker Saudi Basic Industries Corp. returned to a first-quarter profit as the reopening of the global economy led to higher demand for its products.
Net income was 4.86 billion riyals ($1.3 billion) compared with a loss of 1.05 billion a year ago, and more than double the level of the previous three-month period.
“The first quarter saw rising oil prices and a tight supply and demand balance,” said Chief Executive Officer Yousef Al-Benyan. “These elements, combined with growing demand as the global economy continues to recover, resulted in higher prices and margins for most of our products.”
Revenue rose 24 percent to 37.5 billion riyals, the Riyadh-based company, controlled by Saudi Aramco, said Thursday. Margins are expected to remain at similar levels in the second quarter.
Follow us on
