Saudi Basic Industries Corp (Sabic), the world’s largest chemical firm by market value, beat estimates with a 46 per cent rise in third-quarter profit, buoyed by higher plastic and petrochemical sales.

Sabic made a net profit of SR5.33 billion ($1.42 billion) in the three months to September 30, up from SR3.65 billion a year earlier, the company said in a statement.

Analysts surveyed by Reuters had expected an average of SR5.09 billion in third-quarter net profit.

“The rise in third-quarter profit stemmed ... from an increase in production and sales as well as an improvement in the prices of most petrochemical and plastic products,” it said.

Sabic executives said third-quarter sales rose 5 per cent from SR38.86 billion in the second quarter.

A drop in the dollar against the euro helped profitability, they added. The Saudi riyal is pegged to the greenback.

Third-quarter operating profit was up 41 per cent at SR8.98 billion, a slowdown from the second quarter, when it was 124 per cent above its level a year earlier at SR9.14 billion.

Sabic’s earnings are a yardstick for rivals such as Dow Chemical and Germany’s BASF.