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According to the Saudi Economic News, Saudi Arabia's petrochemical industry realized a profit of 11.1 billion rials in the first quarter of 2011, reaching a record high, an increase of 51.2% year-on-year, an increase of 32.9% over the same period last year. The average profitability of the Saudi industry was 13.3% over the same period, with the exception of the petrochemical industry. The profitability of other industries rose only 3.7% year-on-year, a decrease of 2.3% from the previous quarter. Therefore, the petrochemical industry is the main force for the profitability of the Saudi market.
In the first quarter, petrochemical company sales reached 78.78 billion rials, an increase of 35.76% year-on-year and an increase of 9.4% from the previous quarter; among them, the petrochemical giant Saudi Basic Industries (Sabic) had sales of 44.87 billion rials, an increase of 31.49% year-on-year. This was a 9.85% increase from the previous quarter.
According to Saudi media analysis, the profit growth of the petrochemical industry was mainly due to the increase in petrochemical prices caused by the rise in oil prices, which was significantly higher than the same period of last year. For example, ethylene prices rose by 14% year-on-year, and naphtha prices rose by 28% year-on-year.
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