Better prices lift SABIC income
Saudi Basic Industries Corporation (SABIC) has reported its Net Income for the quarter ended March 31, 2011 amounted to SR 7.69 billion (US$2.05 billion) compared to the net income of SR 5.43 billion (US$1.44 billion) for the same quarter in 2010 representing an increase of 42%, and compared to the net income for the fourth quarter of 2010 of SR 5.75 billion (US$1.53 billion) representing an increase of 34%
Meanwhile, the Gross Operating Profit for the quarter ended March 31, 2011 amounted to SR 15.43 billion (US$4.11 billion) compared to the same quarter in 2010 of SR 12.22 billion (US$3.25 billion) representing an increase of 26%
The Income from Operations for the quarter ended March 31, 2011 amounted to SR 12.51 billion (US$3.33 billion) compared to SR 9.71 billion (US$2.58 billion) for the same quarter in 2010. This represents an increase of 29%.
The increase in Net Income for the quarter ended March 31, 2011 compared to the same period in 2010 is attributable to the increase in production and sales volumes and improvement in sales prices for most of the products. Source: yallafinance.com.
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