Sabic, which is 70 per cent state-owned, attributed the rise in profits to higher production and sales volumes as well as higher product prices. However, this was partly offset by a dip in sales volumes and an increase in feedstock costs for some products, the company said in a bourse filing.
The company's results are closely tied to global economic growth because its products - plastics, fertilisers and metals - are used extensively in construction, agriculture, industry and the manufacture of consumer goods.
There had been some concern in the stock market about Sabic's earnings after two of its subsidiaries,
Sabic's first-quarter earnings dipped 1.8 per cent year-on-year, as chief executive
Last year, Al Mady said Sabic planned to build a shale gas cracker in
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