SABIC expects to post strong Q4 on higher oil prices: Al-Jarboo

25/01/2018 Argaam

 

Saudi Basic Industries Corp. (SABIC) is forecast to report strong figures for Q4 2017, backed by higher oil prices, chairman Abdulaziz Al-Jarboo, told Al-Arabiya TV on Wednesday.

 

Tax cuts in the United States will also boost SABIC, he said.

 

Overseas acquisitions and investments in the United States (US), China and Europe have placed the company in a strong global position and extended its presence worldwide.

 

"SABIC will continue to pursue expansions after conducting thorough studies to study the feasibility of opportunities on the economic, financial and market levels due to the different nature of every market," Al-Jarboo said.

 

The petrochemical giant has started engineering designs for its joint venture with Saudi Aramco and later on will hire contractors for the oil-to-chemicals complex, he added.

 

SABIC will disclose its Q4 2017 financial results on Sunday, Jan. 28 and is expected to post an average 20 percent year-on-year rise in net profit to SAR 5.44 billion. 

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