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CoinLoreUpdated 04.11 10:22 UTC

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Business

SABIC returns to profitability with $220m adjusted net income in Q3

RIYADH: Saudi Basic Industries Corp. returned to profitability in the third quarter, reporting adjusted net income of SR840 million ($220 million) as revenue and earnings improved from the previous three months. The petrochemicals producer had posted an adjusted net loss of SR38…

Image accompanying: SABIC returns to profitability with $220m adjusted net income in Q3

Saudi Basic Industries Corp. returned to profitability in the third quarter, reporting adjusted net income of SR840 million ($220 million), according to a statement. The petrochemicals producer had posted an adjusted net loss of SR380 million in the second quarter.

Adjusted earnings per share rose to SR0.28 from a loss of SR0.13. Revenue increased 14 percent quarter on quarter to SR28.17 billion.

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