Saudi Company Reports Profit Growth Driven By Revenue

SABIC reported a net profit of 13.1 million riyals during the first quarter. Results were supported by improvements in the chemicals sector despite pressures from rising financing costs and lower profit shares from associates. Quarterly momentum also saw oil-related momentum rise by approximately 1 billion. This figure represents a 10 percent decrease compared to the 121 million riyals earned during the same period last year. The company attributed the decline in earnings to rising costs resulting from new expansions and store openings. The group's board was authorized to distribute cash dividends on a semi-annual or quarterly basis for the current year. The report noted that profits were positively impacted by acquisitions, including the disbursement of member bonuses valued between 1.5 million and 1.8 million riyals. The acquisition process involved several items totaling approximately 4 million riyals. This represents an increase from the 42 million riyals earned in the previous period. The company's performance was noted alongside other local corporate news. Al-Jazira Capital reported that Sal's first-quarter profit performance was generally in line with expectations. The company expects continued pressure on operating profit margins due to ongoing investments.