Saudi Basic Industries Corp. (SABIC) reported a net profit of SR499 million for the third quarter of 2026, reversing a loss of SR832.9 million in the second quarter, as higher selling prices and an impairment reversal on European equity holdings offset lower sales volumes.
The quarterly profit was 16% higher than in the third quarter of 2025, according to preliminary results the petrochemical maker filed with the Saudi Exchange on Sunday and tabulated by Argaam. Revenue fell 3.1% to SR28.17 billion from SR29.08 billion a year earlier.
The result beat the average analyst estimate of SR238.3 million compiled by Bloomberg, Asharq Business reported.
SABIC said gross profit rose by SR575 million, helped by higher selling prices. Its share of results from non-integrated joint ventures and associates improved by SR1.62 billion, mainly because it reversed impairment losses on listed equity investments in Europe after their share prices rose.
Those gains were partly offset by a SR985 million loss from discontinued operations. The company booked the charge when it moved foreign currency translation amounts from equity to the income statement after completing the sale of its engineering thermoplastics businesses in North America, South America and Europe.
Selling and distribution expenses rose by SR916 million because of continuing supply chain challenges, and net financial results fell by SR358 million, the company said.
For the first nine months of 2026, SABIC’s net loss narrowed to SR320 million from SR4.84 billion a year earlier, while revenue fell 10.7% to SR79.13 billion. The year-earlier period included provisions and impairment charges tied to the closure of the cracker at its Teesside plant in the United Kingdom, as well as SR1.07 billion in restructuring costs.
Chief Executive Officer Faisal Al-Faqeer said in a statement accompanying the results that the company had shown resilience despite geopolitical developments in the region and market challenges. SABIC said it expects 2026 capital expenditure of $3 billion to $3.3 billion and is continuing its transformation program, which targets a financial impact of $3 billion by 2030.
Shareholders’ equity excluding minority interests stood at SR122.76 billion at the end of September, down 17% from SR149.41 billion a year earlier. SABIC is scheduled to discuss the results with analysts on Oct. 26.
