19 January 2010 17:55 [Source: ICIS news]
LONDON (ICIS news)--SABIC’s fourth quarter 2009 net income at Saudi riyal (SR) 4.58bn ($1.22bn) was significantly higher than a year ago and up 26% on the third quarter, the company said on Tuesday.
The Saudi Arabian petrochemicals, steel and fertilizer giant reported a fourth quarter 2008 net profit of just SR310m and a profit in the third quarter of 2009 of SR3.6bn.
Its fourth quarter operating profit was SR7.8bn against SR1.7bn for the same quarter in the preceding year.
SABIC's operating and net profits for the year, however, were down sharply compared to 2008 despite a production increase of 4% to 59m tonnes and 5% higher sales volumes of 46m tonnes.
Full year 2009 net income for the group was SR9.1bn, down 59% while full year operating profit was 50% lower at SR18.6bn.
The fall in net income was due to sharply lower prices, particularly in the first half of the year due to the global financial and economic crisis, chairman HH Prince Saud bin Abdullah bin Thenayan Al Saud, said.
“SABIC has performed admirably this year in the face of unusual market conditions and has the financial strength and strategy to take advantage of opportunities that emerge during economic turbulence,” he added.
“We recognise the efforts and dedication of our management group and employees and credit them for increasing production and sales quantities year on year even as margins came under pressure,” he said.
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