Saudi Basic Industries Corporation (SABIC) has announced the interim financial results for the period ended on December 31, 2010. Net income for the fourth quarter ended December 31, 2010 was SR 5.81 billion (US$1.55 billion) as compared to net income of SR 4.58 billion (US$1.22 billion) for the same quarter in 2009, representing an increase of 27 percent. Compared to the net income of SR 5.33 billion for the third quarter of 2010, it reflects an increase of 9 percent.
Gross profit for the fourth quarter ended December 31, 2010 amounted to SR 13.00 billion, as compared to the same quarter’s gross profit of SR 10.04 billion in 2009, representing an increase of 29 percent.
Income from operations for the fourth quarter ended December 31, 2010 amounted to SR 10.01 billion, as compared to SR 7.78 billion for the same quarter in 2009, representing an increase of 29 percent.
Net income for the twelve-month period ended December 31, 2010 amounts to SR 21.59 billion, as compared to the net income of SR 9.07 billion for the same period in 2009, an increase of 138 percent.
The earnings per share for the twelve-month period ended December 31, 2010 amounted to SR 7.20, as compared to SR 3.03 for the same period in 2009.
Gross profit for the twelve months period ended December 31, 2010 was SR 48.54 billion, compared to SR 28.62 billion for the same period in 2009, an increase of 70 percent.
Income from operations for the twelve-month period ended December 31, 2010 was SR 37.83 billion, compared to SR 18.80 billion for the same period in 2009, an increase of 101 percent.
The increase in net income for the fourth quarter and the twelve-month period ended December 31, 2010, as compared to the same periods in 2009 is attributable to the improvement in sales prices of most of petrochemicals and plastics products, as well as improved operating performance resulting in increased production and sales quantities.
