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Saudi SABIC CEO says Q4 will be better than Q3 earnings
October 30, 2017 / 7:36 AM / 25 days ago

Saudi SABIC CEO says Q4 will be better than Q3 earnings

RIYADH, Oct 30 (Reuters) - Saudi Basic Industries Corp (SABIC) expects its fourth quarter will be better than its third quarter, when the firm posted its highest net profit since June 2015, its chief executive said on Monday.

SABIC, the world’s fourth-biggest petrochemicals company, reported a 10.7 percent rise in third-quarter net profit on Sunday, beating analysts’ estimates.

Chief Executive Yousef al-Benyan told a news conference that he expects the market in the United States will be better in the fourth quarter compared to the third-quarter when business was affected by Hurricane Harvey.

The company has agreed with board on the need to look at acquisition options in North America, China and Africa, he said.

Reporting by Reem Shamseddin and Katie Paul; Writing by Saeed Azhar; Editing by Tom Arnold

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