Riyadh – Mubasher: The net profits of Saudi Basic Industries Corporation (SABIC) climbed by 47.3% year-on-year (YoY) in the third quarter (Q3) of 2020 to stand at SAR 1.09 billion.

The growth in earnings was boosted by higher production and sales volume and reversal of impairment provisions in certain financial assets of SAR 690 million, the company said to the Saudi Stock Exchange (Tadawul) on Sunday.

Revenues for Q3-20 amounted to SAR 29.3 billion, down 10.7% from SAR 32.81 billion in the year-ago quarter.

During the nine-month period ended 30 September, the company turned to net losses of SAR 2.18 billion, against net profits of SAR 6.09 billion last year.