SABIC reports consolidated financial results

Saudi Basic Industries Corporation (SABIC) reported consolidated financial results today for the first quarter ended March 31, 2010.

Financial highlights

First Quarter 2010

• Net profit for the first quarter ended March 31, 2010 amounted to SR 5.43 billion, as compared to a net loss of SR 0.97 billion for the same quarter in 2009, and as compared to the previous quarter’s SR 4.58 billion, representing an increase of 19 percent.

• Total profit for the first quarter amounted to SR 12.22 billion, versus SR 3.62 for the same period last year, an increase of 338 percent.

• Operating profit for the quarter is SR 9.71 billion, versus SR 0.38 billion for the same period a year earlier, an increase of 2,555 percent.

• Earnings per share for the first quarter is SR 1.81, versus a loss of SR 0.32 per share for the same period last year.

Management’s Comments

SABIC Vice Chairman and CEO Mohamed H. Al-Mady noted that the rise of net profits for the first quarter over last year can be attributed to the rise of both production and sales volumes, as well as a remarkable improvement in the prices of most petrochemical products and plastics.

Al-Mady also expressed appreciation for the efforts of all the employees of SABIC and its affiliates, and for their success in adopting the best practices across the board. “We are overcoming the impacts of the global financial crisis, as well as continuing our strategy of growth and investment in new industrial plant,” he said. 

He also pointed out that the current year is seeing more productive capacity added through the completion of projects at SHARQ, YANSAB and the joint-venture petrochemical complex in Tianjin, China. “As economies strengthen this will also positively affect the company’s performance and production,” Al-Mady said.

Samir A. Al-Abdrabbuh

Vice President, Corporate Communications

Source: SABIC