Saudi Basic Industries Corporation (SABIC), the biggest petrochemicals producer in the Middle East, has reported a net profit of SR5.51 billion ($1.46 billion)in first-quarter net profit on Sunday, up 5.4 percent compared to SR5.23 billion for the same period last year. SABIC said its net income was 49 percent higher than SR3.7 billion reported at the end of the fourth quarter of last year. Gross profit reached SR14.21 billion for the first quarter of 2018, an increase of 5.03 percent as compared to SR13.53 billion in the same quarter of 2017 and an increase of 14.32 percent as compared to SR12.43 billion in the previous quarter. Announcing the results at a press conference at SABIC headquarters in Riyadh on April 29, SABIC Vice Chairman and CEO Yousef al-Bunyan said that these results were the outcome of the company’s successful transformation program and its continued emphasis on plant reliability and environment, health, safety and security. He further attributed the increase in profit to higher average selling prices and greater volumes sold. The operational profit for the quarter, amounted to SR8.94 billion, an increase of 7.19 percent as against SR8.34 billion in the same quarter of 2017, and an increase of 36 percent as compared to SR6.57 billion in the previous quarter. Earnings per share reached SR1.84 compared to SR1.74 in the same quarter of the previous year. Total sales during the first quarter amounted to SR41.86 billion, an increase of 15 percent as compared to SR36.32 billion for the same quarter of the previous year and an increase of four percent against SR40.34 billion for the previous quarter.