20 January 2013 10:09 [Source: ICIS news]
SINGAPORE (ICIS)--SABIC had a 11.3% year-on-year increase in its fourth-quarter net profit to Saudi riyal (SR) 5.83bn ($1.55bn) as product prices and sales volume rose, the Saudi Arabian petrochemical giant said on Sunday.
“The increase in net income for the fourth quarter ended December 31, 2012 compared to the same quarter in 2011 is attributable to higher sales volumes and sales prices for certain products,” it said in a statement.
The net income for the 12-month period ended December 31, 2012 decreased by 15.5% to SR24.72bn compared to the net income of SR29.24bn for the same period in the preceding year, it added.
“The decrease in net income for the 12-month period ended December 31, 2012 compared to the same period in 2011 is due to higher cost of sales and lower sales prices for certain products, despite higher sales and production volumes and reduction in financial charges.
($1 = SR3.75)
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