RIYADH: Saudi chemical giant SABIC reported a massive increase in net profit in 2021 of 32,800 percent, according to a bourse filing.

Profits skyrocketed to SR23 billion ($6.13 billion) last year, compared to SR70 million a year earlier.

The Riyadh-based company attributed the rise to higher average selling prices as well as an increase in its share in joint ventures and subsidiaries.

This was in line with over a 49 percent jump in revenues to hit SR175 billion in the same period, and the profit per share went up from SR0.02 to SR7.68.

In the fourth quarter, profits were up by 119 percent from a year ago.

As most Saudi stocks saw price corrections in the previous trading session, shares in SABIC edged 0.5 percent lower.

The homegrown firm had announced on Wednesday Feb. 2 that it closed a deal to acquire Clariant’s stake in US-based Scientific Design — a global leader in licensing chemical process technologies.

Scientific Design is currently a 50/50 joint venture between the two parties.