SABIC Q3 net profit falls 2% to $1.93bn

20 October 2008 09:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi Basic Industries Corp (SABIC) has reported a 2% drop in third-quarter net profit to Saudi riyals (SR) 7.24bn ($1.93bn) from SR7.39bn in the year-earlier period, the petrochemical giant said in a statement released over the weekend.

"The expected global recession may lead to a decline in demand for products in most of the international markets," SABIC’s vice-chairman and CEO Mohamed al-Mady said.

For the first nine months to September, SABIC raised net profits by 8% to SR21.7bn from SR20.2bn due to improved productivity and sales, SABIC said.

Nine-month consolidated operating profits increased 20% to SR35.6bn from SR29.6bn.

SABIC’s financial operations have not been affected by the financial crisis so far as the company had been able to secure the required funds for new projects and expansions, Al-Mady said.

Productivity volumes and sales in the January to September period increased by 4% and 3% respectively, compared with last year's levels.

SABIC is one of the world’s largest petrochemical companies producing polyethylene, polypropylene, glycols, methanol and fertilizers. 

In 2007, the company reported SR27bn in net profit.

($1 = SR3.76)

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By: Leon Toh
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