SABIC's net profit rises 1.82% in 2013

21 Jan '14

1 min read

The Saudi Basic Industries Corp (SABIC) has earned net profit of 25.23 billion riyals in 2013, registering an increase of 1.82 percent compared to its net profit of 24.78 billion riyals earned in 2012, according to the figures on the website of the Saudi Stock Exchange.

The company attributed the 1.82 percent increase in net income during the year to lower cost of sales and financial charges despite lower other income.

In the fourth quarter of 2013, SABIC posted a net profit of 6.16 billion riyals, showing a 5.66 percent increase over net profit of 5.83 billion riyals earned in the corresponding period of the previous year.

However, on a quarter-on-quarter basis, SABIC’s net profit declined by 4.79 percent in the October-December 2013 quarter. The company attributed the decrease to lower production and sales volumes despite higher other income and lower financial charges.

Ranked among the world’s largest petrochemicals manufacturers, SABIC is a public company based in Riyadh, Saudi Arabia. 70 percent of the company’s shares are owned by the Saudi Arabian Government, while the remaining 30 percent are held by private investors in Saudi Arabia and other countries of the Gulf Cooperation Council (GCC).

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