Saudi Basic Industries Corp. posted a 5.4 percent increase in third-quarter profit, meeting analysts’ estimates.
Net income rose to 6.1 billion riyals ($1.63 billion) from 5.8 billion riyals a year ago, the Middle East’s biggest petrochemicals producer said in a statement. The average estimate of analysts was for a profit of 6.08 billion riyals.
Sabic, as the company is known, said higher average selling prices and an increase in volumes helped boost profit. Sales climbed 13 percent to 43.71 billion riyals.
State-owned Saudi Aramco is in talks to buy shares in Sabic from the country’s sovereign wealth fund as the world’s biggest crude oil exporter expands ahead of a planned initial public offering. Aramco has no plans to acquire any publicly held shares in Sabic.
The stock has gained 27 percent this year compared with an 8.4 percent gain for the benchmark Tadawul All Share Index.
