⁍ Saudi Basic Industries Corp (SABIC) reported a 47% rise in third-quarter earnings.

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⁍ The world’s fourth-biggest petrochemicals firm beat expectations on higher sales volume and output.

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⁍ The result came after three straight quarters of losses, on a jump in impairment charges and drop in sales.

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– Saudi Basic Industries Corp, the world’s fourth-biggest petrochemicals firm, reported a 47% rise in third-quarter earnings, beating expectations on higher sales volume and output. SABIC reported a net profit of $269 million in the quarter that ended on September 30, up from 740 million riyals in the same period a year earlier, reports Reuters. The result came after three straight quarters of losses, on a jump in impairment charges and drop in sales. SABIC said the third-quarter return to profit was mainly due to higher average selling prices, higher production and sales volume, in addition to a reversal of impairment provisions in certain financial assets in the quarter of about 690 million riyal. Analysts had expected SABIC to post a net profit of 775 million riyals, according to a mean estimate of analysts based on Refinitiv Eikon data.