Saudi Arabia's SABIC Q4 net profit rises 5.7% on lower expenses

20 January 2014 02:50  [Source: ICIS news]

SABIC building (source: SABIC)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 [2013] 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)

By: Nurluqman Suratman

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