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The net income during nine months is SR4.5bn compared to SR21.7bn for the same period last year, a decline of 79%.
The profit per share during the nine months amounts to SR1.49 compared to profit per share of SR7.24 in the same period last year. The gross income during nine months is SR18.4bn compared to SR44.5 for the same period last year, a decline of 58%.
The income from operations for the nine months is SR10.8bn compared to SR35.6bn for the same period last year, a decline of 69%. The reason for the decline of net income during the third quarter compared to the same quarter last year is due to the sharp decline in the global prices of petrochemical, plastic and metal products as a result of the global recession and economic crisis.
The net income during the third quarter has increased by twofold compared to the previous quarter of this year due to the steady rise of most of petrochemical, plastic and metal prices as a result of improved demand.
Mohamed Al-Mady, Sabic Vice Chairman and CEO, said:
"In spite of repercussions arising from the global economic crisis, Sabic has maintained the same operational levels. Sabic's total production during the first nine months of 2009 reached 44 million tons, an increase of 4%, while quantities sold were 34.5 million tons, an increase of 3% over the same period last year."
Al-Mady added that certain factors will have a positive impact on Sabic's performance and financial results such as; its healthy financial position; its ability to generate strong cash flows; its continuing efforts and plans to reduce costs; its increased production capacities through current expansions in YANSAB (which started production at its complex in Yanbu), Sharq, Saudi Kayan; and with the joint venture with 'Sinopec' in China.
Posted by Rana Mesbah
