17 January 2012 17:01 [Source: ICIS news]
LONDON (ICIS)--SABIC’s fourth-quarter net income fell 10% to Saudi riyals (SR) 5.24bn ($1.40bn, €1.10bn) compared with the same period in 2010, driven by a lower pricing environment, the Saudi Arabian-based petrochemical major said on Tuesday.
Compared with the third quarter of 2011, the company’s fourth-quarter net income fell 36%, the company added.
SABIC's income from operations for the fourth quarter dropped by 5% year on year to SR9.51bn.
“The decrease in net income for the quarter ended December 31, 2011 compared to the same period in the preceding year and third quarter of 2011 is mainly driven by lower pricing environment in global markets for most of the products, despite increase in sales volumes,” it said.
The company’s net income for the 12 months ended 31 December 2011 increased by 36% to SR29.21bn, compared with the same period a year before.
“The increase in net income for the twelve months period ended December 31, 2011 compared to the same period in 2010 is attributable to the increase in production and sales volumes and higher product prices,” SABIC said.
The company added that its income from operations for the whole of 2011 rose 29% year on year to SR48.8bn.
($1 = SR3.75, €1= SR4.75)
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