Saudi business activity rises at quickest pace in three months in April

RIYADH: Saudi petrochemical producers listed on the Tadawul stock exchange reported net profits of SR8.5 billion ($2.27 billion) in the first quarter (Q1) of this year, a 368.1 percent rebound from the SR3.2 billion losses over the same period in 2020, according to data from financial information website Argaam.

The huge turnaround was due to increased prices and a surge in sales.

Saudi petrochemicals giant SABIC, which accounts for 57 percent of total earnings in the sector, last month reported that its Q1 profits had more than doubled to SR4.86 billion compared to the previous quarter.

The Riyadh-headquartered company rebounded from a loss of SR1.05 billion in the same quarter last year and, similar to the wider sector, the…

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