Saudi SABIC Q3 net profit rises 2.5%

The financial performance of SABIC is closely tied to the world economy
Saudi SABIC Q3 net profit rises 2.5%
SABIC headquarters.
By Reuters
Sun 27 Oct 2013 10:32 AM

Saudi Basic Industries Corp (SABIC) on Sunday posted a 2.5 percent rise in its third-quarter net profit, roughly in line with analysts' forecasts.

SABIC, one of the world's biggest petrochemicals groups, said in a bourse statement that its net income for the three months to Sept. 30 was 6.47 billion riyals ($1.73 billion) compared to 6.31 billion riyals in the same period last year.

The company cited higher sales volumes, favourable prices for some products and lower financial charges.

Nine analysts surveyed by Reuters had forecast SABIC would earn, on average, 6.4 billion riyals for the third quarter.

The financial performance of SABIC, which makes petrochemicals, metals and fertilisers, is closely tied to the world economy because its products are used extensively in construction, car manufacturing and other major consumer goods.

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