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Sat 23 Jan 2010 07:32 PM

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SABIC tames Q4 costs as sales rise by 29%

Q4 sales netted $8.51b, the highest quarterly sales figure since 2008's Q3.

Saudi Basic Industries Corp (SABIC), which reported forecast beating net profit for the fourth quarter, increased its sales for the period by 29.3 percent while its costs rose 3.7 percent.

SABIC's sales netted $8.51 billion in the three months to end December, the highest quarterly sales figure since the third quarter of 2008, up from $6.6 billion in the fourth quarter of 2008, according to detailed financial statements published on Friday.

The state controlled firm's costs rose to $ 5.8 billion in the fourth quarter, up from $5.6 billion a year earlier, the data showed.

SABIC's fourth quarter profit rose 15 fold to its highest levels in five quarters. The results marked a recovery from 2008, when the global economic downturn dented the chemical maker's margins, forcing it to shut some plants and cut costs.

For all of 2009, SABIC's sales stood at $27.55 billion, their lowest level since 2006 and down 31.6 percent from 2008.

Costs in 2009 amounted to $19.9 billion, their lowest since 2006 and 28.9 percent down from 2008. (Reuters)

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