SABIC’s first quarter net profit swings to $1.45bn

19 April 2010 10:15  [Source: ICIS news]

SABICLONDON (ICIS news)--Saudi Basic Industries Corporation (SABIC) swung to a net profit of Saudi riyal (SR) 5.43bn ($1.45bn) for the first quarter ended March 31, 2010, compared to a net loss of SR975m for the same quarter in 2009, the petrochemical giant said on Saturday.

Mohamed Al-Mady, SABIC’s vice chairman and CEO, attributed the massive swing to a rise in production and sales volumes, as well as an improvement in the prices of most petrochemical products and plastics.

“We are overcoming the impacts of the global financial crisis, as well as continuing our strategy of growth and investment in new industrial plants,” he said.

Operating profit for the quarter hiked to SR9.71bn, compared to the SR380m for the same period a year earlier, while earnings per share for the first quarter was SR 1.81, versus a loss of SR0.32 per share recorded for the same period in 2009.

Additionally, Al-Mady announced that further production capacity would be seen this year through the completion of plants at Sharq and Yansab in Al Jubail, Saudi Arabia, and a joint-venture petrochemical complex in Tianjin, China.

“As economies strengthen this will also positively affect the company’s performance and production,” Al-Mady said.

($1 = SR3.75)

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By: Franco Capaldo
+44 (0)20 8652 3214

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