SABIC reports 16.3% increase in third-quarter net profit

Saudi Basic Industries Corporation (SABIC) announced a 16.3% rise in net profit for the third quarter of 2026, reaching approximately 500 million riyals, up from 430 million riyals in the same period last year. This growth was driven by higher product selling prices and improved results from non-integrated joint ventures and associates, which contributed 1.62 billion riyals due to rising equity investment values in Europe.

Despite the rise in net profit, operating profit fell by 9.6% to 2.06 billion riyals. The company faced several headwinds, including 985 million riyals in losses from non-continuous operations related to foreign currency reclassifications following the sale of thermoplastic engineering businesses in North and South America and Europe. Additionally, selling and distribution expenses rose by 916 million riyals due to ongoing supply chain challenges.

For the first nine months of 2026, SABIC’s cumulative net losses narrowed to 320 million riyals, a significant improvement from the 4.84 billion riyal loss recorded during the same period in 2025. This recovery is attributed to reduced losses in non-continuous operations and the absence of restructuring costs that impacted the previous year.