20 January 2014 02:50 [Source: ICIS news]
SINGAPORE (ICIS)--SABIC posted a 5.66% year-on-year increase in its fourth-quarter 2013 net profit to Saudi riyal (SR) 6.16bn ($1.64bn) on lower expenses, the Saudi Arabian petrochemical giant said over the weekend.
The company’s gross profit rose by 1.17% on year to SR13.82bn in October-December 2013, with operating profit inching up by 0.49% to SR10.3bn, the company said in a filing to the Saudi bourse Tadawul.
For the full year of 2013, the company’s net profit was up by 1.82% year on year at SR25.2bn.
“The increase in  net income is due to lower cost of sales and financial charges despite lower other income,” it said.
SABIC’s overall gross profit increased by 3.6% at SR55.3bn in 2013, while its operating profit rose by 3.8% to SR42.6bn.
($1 = SR3.75)
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