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Sabic Q4 net profit up 11%
- Saudi Arabia: Sunday, January 20 - 2013 at 04:26
Saudi Basic Industries Corp (Sabic) has posted an 11% increase in fourth-quarter profit, as sales grew and it raised prices on some products, Bloomberg has reported. The world's largest petrochemicals maker by market value said its net income advanced to SR5.83bn ($1.55bn) from SR5.24bn a year earlier. The gain in profit "was mainly because of higher prices in the fourth quarter," said Ahmed Shams El Din, Cairo-based director of equity research at EFG-Hermes Holding. EFG-Hermes had forecast profit of SR6.4bn.
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