Saudi's SABIC halves Q3 net profit at $960m

19 October 2009 04:44  [Source: ICIS news]

SINGAPORE (ICIS news)--Sharp declines in commodity prices shaved half of Saudi Basic Industries Corp (SABIC)’s net profit in the third quarter to Saudi riyal (SR) 3.6bn ($960m) compared to the same period last year, the petrochemicals giant said over the weekend.

But the number represented a doubling of SABIC's June-quarter earnings as demand and product prices have steadily improved from the sharp slump in the fourth quarter of 2008 and the first quarter of 2009, the company said.

The company’s gross income for the period slumped 45% year on year to SR8.6bn for the three-months-to-September period, while income from operations declined 48% to SR6.4bn, it said.

For the first nine months of the year, SABIC’s net profit was down 79% at SR4.5bn, with income from operations falling 69% to SR10.8bn.

“In spite of repercussions arising from the global economic crisis, SABIC has maintained the same operational levels,” said company vice chairman and CEO Mohamed Al-Mady.

Al-Mady said that SABIC’s total production during the nine-month period inched up 4% year on year to 44m tonnes, with volumes sold totalling 34.5m tonnes, up 3% from the same period last year.

($1 = SR3.75)

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By: Pearl Bantillo
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