Saudi Basic Industries Corp reports 5.4 pct Q1 profit rise

DUBAI, April 29 (Reuters) – Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, reported a 5.4 percent rise in first-quarter net profit on Sunday, broadly in line with analysts’ forecasts.

SABIC attributed the profit rise to higher average selling prices and sold quantities.

The company made a net profit of 5.51 billion riyals ($1.47 billion) in the three months to March 31, up from 5.23 billion riyals in the year-earlier period, the company said in a bourse statement.

Three analysts surveyed by Reuters forecast SABIC to make a net profit of 5.85 billion riyals in the quarter. ($1 = 3.7498 riyals) (Reporting By Tom Arnold; Editing by Saeed Azhar)

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