Saudi's SABIC Q3 net income surges 46% year on year

18 October 2010 03:02  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Basic Industries Corp (SABIC) has posted a 46% year-on-year increase in its third-quarter net income to Saudi riyal (SR) 5.33bn ($1.42bn) due to improvement in production and sales, as well as higher prices of most petrochemical products, the company said late on Sunday.

Gross income rose 34% year on year to SR11.49bn, while income from operations for the third quarter rose 41% to SR8.98bn, SABIC said in a statement.

SABIC’s net income during the nine months which ended 30 September more than tripled to SR15.77bn, as compared to SR4.48bn in the same period in 2009, while gross income rose 93% to SR35.54bn.

($1 = SR3.75)

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By: Nurluqman Suratman

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