Higher Prices and Volumes Lift Sabic’s Results

Sabic reported first quarter net income up 10%, to SR6.92 billion ($1.8 billion). Sales were not disclosed. Operating income rose 14%, to SR10.89 billion. Sabic says profits rose because of an increase in prices of most of its key products, and a 6% and 4% increase in production and sales, respectively. “I can confirm that Sabic’s global business is growing to achieve our corporate objectives, in spite of increased feedstock prices and an economic slow down in the U.S. marketplace and to some extent in Europe,” says Mohamed Al-Mady, vice chairman and...

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