SABIC’s first quarter net profit jumps 41.6% to almost $2.1bn

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.

SABIC also said in a statement on the Saudi Stock Exchange (Tadawul) that it witnessed an improved operating performance in the group’s overseas affiliates.

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

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

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