Saudi SABIC says it expects better Q4 in US market

A general view shows the Saudi Basic Industries Corp.(SABIC) Headquarters in Riyadh, Saudi Arabia, Sunday, April 18, 2010. (AP)

Saudi Basic Industries Corp (SABIC) expects its fourth quarter in the United States will be better than its third quarter, when the firm posted its highest overall net profit since June 2015, its chief executive said on Monday.

SABIC, the world's fourth-biggest petrochemicals company, reported a 10.7 percent rise in third-quarter net profit on Sunday, beating analysts' estimates.

Chief Executive Yousef al-Benyan told a news conference that he expects the market in the United States will be better in the fourth quarter compared to the third quarter when business was affected by Hurricane Harvey.

The company has agreed with board on the need to look at acquisition options in North America, China and Africa, he said.

Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50