SABIC third-quarter net income increases 54% to SR8.19bn

17 October 2011 15:28  [Source: ICIS news]

LONDON (ICIS)--SABIC reported 2011 third-quarter net income of Saudi riyals (SR) 8.19bn ($2.18bn, €1.58bn), an increase of 54% year on year, the Saudi Arabia-based petrochemical major said on Monday.

Compared with the second quarter of 2011, SABIC’s net income increased by 1%, it added.

SABIC attributed the rise in net income for the quarter to an increase in production and sales volumes, improved product prices as well as lower financing charges.

“The increase in net income for the quarter ended 30 September 2011 compared to the second quarter of 2011 is contributed [to] by improvement in plant reliability positively impacting the revenues, and lower financing and operating costs,” the company said in a statement.

Gross operating profit for the quarter ended 30 September 2011 amounted to SR16.81bn, an increase of 46% compared with the same quarter in 2010, SABIC said.

The income from operations in the third quarter rose by 50% year on year to SR13.50bn, it added.

For the nine months ended 30 September, SABIC’s net income grew by 52% year on year to SR23.98bn, while the gross operating profit rose by 37% to SR48.73bn, compared with the same period in 2010.

($1 = SR3.75, €1 = SR5.20)

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

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