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Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) turned profitable in the fourth quarter (Q4) of 2020, achieving SAR 2.22 billion in net profits, against a net loss of SAR 890 million in the same period a year earlier.
The move to profits is backed by higher sales volume and a lower average cost of sales, coupled with a reversal of impairment provisions in certain capital assets of SAR 0.3 billion, of which SABIC’s share amounted to SAR 0.3 billion, according to a bourse filing on Sunday.
The company’s revenue rose by 3.7% yearly in Q4-20 to SAR 32.85 billion.
In 2020, the profits shrank by 99.2% on an annual basis to reach SAR 40 million.