Saudi's SABIC posts 11% rise in Q4 net profit

World's biggest petrochemicals group earns net income of $1.55bn in three-month period
Saudi's SABIC posts 11% rise in Q4 net profit
SABIC CEO Mohamed Al Mady (Getty Images)
By Reuters
Sat 19 Jan 2013 10:47 AM

Saudi Basic Industries Corp (SABIC), the world's biggest petrochemicals group by market value, posted an 11.3 percent rise in fourth quarter net profits on Saturday, but missed analyst forecasts.

The chemicals, metals and fertilisers conglomerate earned net income of SR5.83bn ($1.55bn) in the three months ending December 31, compared to its profit of SR5.24bn a year ago it said in a bourse statement.

Its full-year performance, with net income of SR24.7bn, represented a fall of 15.5 percent from 2011, when the company enjoyed successive quarters of record performance.

The fourth-quarter results marked a 7.6 percent fall from its third quarter net earnings.

Five analysts polled by Reuters had forecast, on average, that Saudi Arabia's largest listed company would earn SR6.39bn.

SABIC, 70 percent state-owned, cited a "higher cost of sales and lower sales
prices for certain products, despite higher sales and production volumes and
reduction in financial charges" for its fall in 2012 net income.

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