18 April 2011 16:58 [Source: ICIS news]
LONDON (ICIS)--Saud Basic Industries Corporation (SABIC) posted a net profit of Saudi riyal (SR) 7.69bn ($2.05bn) for the first quarter ended 31 March 2011, a 41.6% increase from SR5.43bn for the same quarter in 2010, the petrochemical giant said on Monday.
The company said the rise in net income is due to an increase in production and sales volumes and an improvement in sales prices for most of its products.
The group’s gross operating profit for the quarter grew 26.2% year on year to SR15.43bn, while the income from operations increased by 28.8% to SR12.51bn.
SABIC’s earnings per share for the three months ended 31 March amounted to SR2.56, compared with SR1.81 for the same period in 2010, it added.
($1 = SR3.75)
For more on SABIC visit ICIS company intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|