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11-05-2008

Sabic: Preliminary Financial Results

The Saudi Basic Industries Corporation (Sabic) has reported net preliminary consolidated profits of SAR 21.71 billion for the first nine months of 2008, an increase of 8%, compared to the SAR 20.16 billion net profit in the same period last year. Profit per share is SAR 7.24 compared to SAR 6.72 in the same period last year (based on the number of existing shares of 3 billion), an increase of 8%. Sabic has also reported consolidated preliminary operating profits of SAR 35.58 billion for the third quarter (3Q) of 2008, compared to SAR 29.64 billion in the same period last year, an increase of 20% over the 3Q-2007.

This increase is due to an improvement in the prices of most key products in line with an increase of volume of productivity and sales by 4% and 3% respectively. 3Q2008 reported net profits of SAR 7.24 billion compared to SAR 7.39 billion for the same quarter last year, a decrease of 2%.

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