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LyondellBasell, SABIC announce Q3 financial results

by ChemOrbis Editorial Team -
  • 30/10/2017 (21:41)
According to a press release on the company’s website, the US-based LyondellBasell recorded a net profit of $1.05 billion, up by 11% from last year.

However, the company’s EBITDA decreased to $243 million from the second quarter of 2017.

The company’s sales also declined to $497 million when compared to $582 million from a year earlier due to Hurricane Harvey’s impact.

Since Hurricane Harvey had reduced the inventories across the region and caused delays in the capacity startups, global markets are expected to remain tight to balanced in the fourth quarter with the industry being prepared to absorb improved inventories and startups of new capacities in 2018, the company stated.

Saudi Basic Industries Corp (SABIC), meanwhile, increased its quarterly net profit by 10.7% due to improved production, lower operating costs and higher product prices.

According to the press release, the company made a net profit of 5.79 billion riyals ($1.54 billion) during the third quarter from 5.23 billion riyals in the same period of 2016, exceeding the expectations of 4.72 billion riyals.
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