Last year, it reported a net profit of 3.41bn riyals for the quarter.
Net profit at Saudi Basic Industries Corp (Sabic), one of the world’s biggest petrochemical producers, jumped 80 per cent from a year earlier in the first quarter of 2017 on the back of higher sales prices for its products.
Gross sales for the first quarter totalled 36.95bn riyals, up 10 per cent from 33.47bn riyals a year ago.
Kayan Petrochemical, in which Sabic owns a 35 per cent stake, reported a net profit of 265.5 million riyals for the quarter on Sunday, recovering from a loss of 195m riyals the previous year.
That was in line with the forecasts of analysts polled by Reuters, who had on average predicted that Sabic would make a quarterly profit of 5.35bn riyals.
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General Motors says it will become the first automaker to generate profit from electric cars
US auto giant General Motors is poised to become the first manufacturer to make a profit from electric vehicles, a GM executive predicted on Monday.
The company leads the pack in reducing the cost of electric vehicles and ultimately offering an affordable version, said Mark Reuss, GM’s executive vice president for product development.
And as GM increases production of electric vehicles, particularly in China, where GM has plans to introduce 10 different electric models by 2020, it will help drive down the cost of battery cells.
That’s what all our engineers are all working toward,” Reuss told reporters.
Engineers have been working to reduce mass and improve battery efficiency since it does not take as much power to move a lighter-weight vehicle, he said.
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ANZ Bank’s profits jumped 23 per cent in the first half to $3.4 billion, as the lender’s bottom line benefited from much lower charges for bad loans.
Mr Elliott said he expected credit quality to be “broadly neutral” in the second half.
Mr Elliott highlighted the softer economic backdrop facing banks, which have been forced to discount aggressively as interest rates have fallen in recent years.
“The environment for banking remains constrained with intense competition and pressure on margins, subdued lending growth, rapidly changing customer expectations and increasing regulation,” Mr Elliott said.
Interim results from ANZ on Tuesday showed that even though interest income slipped 2 per cent in six months to March, charges for bad loans also fell 22 per cent.