SABIC’s CEO says no new debt, but will consider refinancing

Saudi Basic Industries Corp. (SABIC) is not planning to raise new debt, but refinancing is “more likely”, chief executive, Yousef Al-Benyan, said on Tuesday.

Al-Benyan was speaking at a press conference a day after the petrochemical maker reported an 80 percent year-on-year jump in net profit to SAR 5.24 billion in the first quarter of 2017.

The giant petrochemical producer is very optimistic about the current year despite global economic challenges, Al-Benyan added.