Sabic: First Quarter Results
Saudi Basic Industries Corporation (Sabic) reported consolidated financial results for the first quarter ended March 31, 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 %. 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 238 %. 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 %. 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.
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