Saudi’s SABIC Q3 net profit falls 23% on lower product prices

17 October 2012 10:09  [Source: ICIS news]

SINGAPORE (ICIS)--SABIC had a 23% year-on-year decline in its third-quarter net profit to Saudi riyal (SR) 6.31bn ($1.68bn) as product prices declined, the Saudi Arabian petrochemical giant said on Wednesday.

Its gross operating profit for September 2012 quarter fell 22% to SR13.2bn, while income from operations was down 27% to SR9.84bn, the company said in a filing to the Saudi Stock Exchange or Tadawul.

For the first nine months of the year, SABIC’s generated SR18.9bn in net profit, down by 21% compared with the same period in 2011, it said.

SABIC also attributed the decline in nine-month earnings to lower product pricing, which was not offset by higher production and sales volumes.

Gross operating profit for January-September 2012 fell 17% year on year to SR40.4bn, while income from operations declined 22% to SR30.7bn, the company said.

($1 = SR3.75)

By: Pearl Bantillo
+65 6780 4359

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