SABIC eyeing investment opportunities in Africa

Saudi Basic Industries Corp (SABIC), the world’s fourth largest petrochemicals company, is looking at future investment opportunities in Africa, which is a promising market to maintain sales growth, CEO Yousef Al-Benyan said on Sunday, cited by Reuters.

At a press conference announcing the company’s Q3 results, Al-Benyan said SABIC currently has some investment opportunities in China and the US.

Some projects are under evaluation and still in the phase of assessment to see if they fit any of the company’s strategy, he added.

SABIC posted a 24.2 percent increase year-on-year (YoY) in net profit after zakat and tax for the first nine months of 2018 to SAR 18.3 billion, mainly due to higher average selling prices and sales volumes.

Net profit after zakat and tax grew by 5.3 percent YoY to SAR 6.1 billion in the third quarter, backed also by a rise in average selling prices and sales volumes.

Speaking at the conference, Al-Benyan said he hoped the next quarter would remain positive in light of the global economic outlook.

Commenting on Saudi Aramco’s talks to buy a controlling stake in the company from the Public Investment Fund, the CEO said there was “nothing to say” at the moment about a deal being discussed between a main shareholder and a future investor.