The petrochemicals industry generates as much as SAR 45 billion per annum for Saudi Arabia’s economy, Saudi Basic Industries Corp’s (SABIC) deputy chairman said.
SABIC’s sales in the domestic market reached 2.7 million tonnes, representing 94% of the kingdom’s consumption, Yousef Al Benyan added.
Al Benyan further indicated that the GCC nation is currently owning over 2,000 plastic plants.
SABIC last reported SAR 18.3 billion in net profits after Zakat and tax during the first nine months of 2018, up 24.23% year-on-year from SAR 14.73 billion.
In the third quarter of 2018, the Saudi petrochemical giant logged a net profit after zakat and tax of SAR 6.1 billion, up 5.35% year-on-year from SAR 5.79 billion.
By 10:28 am Saudi time, SABIC’s stock rose 0.17% to SAR 119.40.