Saudi Basic Industries Corp. has shared that it is expecting its Sharq, Yansab and Tianjin plants to leave a positive impact on the petrochemical maker in the second quarter of this year. SABIC’s executive Mohamed al-Mady said that the expansion of Ibn Rushd would commence the productions in fiscal 2013. 

Reporting a 5.43 billion riyals or $1.45 billion net profit in the first quarter, SABIC crossed the estimations of analysts, showing improvements in prices and demand.

SABIC has a 55% stake in Yanbu National Petrochemical Co., while it has a 50% stake in Eastern Petrochemical Co., wherein the other 50% stake is owned by a consortium of Japanese companies led by Mitsubishi Corporation.

SABIC’s first-quarter revenue was reported to 34 billion or $9.07 billion in contrast with the 19.6 billion riyals of income for the same quarter in the previous year.