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Sabic Reports Big Rise in Net Profit on Increased Sales and Higher Prices

1:53 AM MDT | October 18, 2010 | Natasha Alperowicz

Saudi Basic Industries (Sabic) reported a 46% rise in third quarter net profit to SR5.33 billion ($1.42 billion) compared with the same period in 2009. The net result was 6% higher than in the second quarter of this year. The company's gross income in the third quarter was 34% higher at SR11.49 billion while income from operations was SR8.98 billion, 41% higher than in the corresponding period of 2009. Sabic attributes the improvement in overall results to increased production and sales and higher prices of most petrochemicals and plastics. The increase in the...

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