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Sabic shares bounce back as quarter-on-quarter net profit rises
- Saudi Arabia: Wednesday, October 17 - 2012 at 21:04
Saudi Basic Industries Corporation or Sabic, world's largest producer of petrochemicals, closed at 1.41% higher at SR90 Wednesday. Earlier in the day, Sabic said its net income for the quarter ended September 30 was SR6.31bn compared to the net income of SR8.19bn for the same quarter in 2011, representing a decrease of 23%, and compared to the net income of SR5.30bn in the previous quarter, representing an increase of 19%. Commenting on the results, Riyadh-listed Sabic said in a statement to the Tadawul bourse "The increase in net income of the quarter ended September 30, 2012 compared to the previous quarter is driven by increased production volume due to improvement in operational efficiencies. In addition, other income includes income from the polycarbonate technology licensed by Sabic Innovative Plastics to the Tianjin project, which is equally owned by Sabic and China Petroleum and Chemical Corporation."
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Gérard Al-Fil, Financial JournalistWednesday, October 17 - 2012 at 21:04 UAE local time (GMT+4)
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