RIYADH — Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, reported a 10.7 percent rise in third-quarter net profit on Sunday, beating analysts’ estimates.

SABIC made a net profit of SR5.79 billion ($1.54 billion) in the three months to Sept. 30, up from SR5.23 billion in the year-earlier period, the company said in a bourse statement.

The net profit was better than the average net profit forecast of SR4.27 billion by four analysts.

Sales for the current quarter amounted to SR39.65 billion compared to SR35.80 billion for the similar quarter last year with an increase of 11%, and compared to 35.17 with previous quarter with an increase of 13%. Sales for the current period amounted to SR111.78 billion compared to SR105.52 billion for the similar period last year with an increase of 6%. Total comprehensive income for the quarter amounted to is SR7.54 billion compared to SR6.33 billion for the similar quarter last year with an increase of 19% and compared to SR 6.66 billion in previous quarter with an increase of 13%. Total comprehensive income for the current period amounted to SR22.12 billion compared to SR15.45 billion for the similar period last year with an increase of 43%. The shareholders equity (Excluding non controlling interests) at the end of the period is SR161.8 billion compared to SR152.64 billion at the end of the period last year with an increase of 6%.

SABIC, which aims to be Number 3 petrochemicals producer, attributed the profit rise to to higher average selling prices and higher sales quantities.

The company’s results are closely tied to oil prices and global economic growth because its products –plastics, fertilizers and metals – are used extensively in construction, agriculture, industry and the manufacturing of consumer goods. — SG/Reuters