Demand recovery: A file picture showing people walking past a Sabic pavilion at an event. The company’s profit is higher mainly due to the reversal of US$184mil of impairments associated with Clariant AG, in which Sabic holds a 31.5% stake. — Bloomberg
RIDYADH: Saudi Basic Industries Corp, the chemical-maker in which Saudi Aramco holds a majority stake, returned to profit in the third quarter amid signs of a recovery in demand from impact of the coronavirus.
The company, known as Sabic, said third-quarter profit was 1.09 billion riyals (US$290mil) compared with 740 million riyals in the same period last year. Profit was higher mainly due to the reversal of 690 million riyals of impairments associated with Clariant AG, in which Sabic holds a 31.5% stake.
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