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Q2 net profits up at petrochem giant SABIC
19
Jul '10
Saudi Basic Industries Corporation (SABIC) has announced the financial results for the quarter and six months ended June 30, 2010:

• The net income for the quarter ended June 30, 2010 was SR 5.02 billion compared to the net income of SR 1.81 billion for the same quarter in 2009 representing an increase of 177%, and compared to the net income for the first quarter of 2010 of SR 5.43 billion was 8% higher than the second quarter.

• The gross operating profit for the quarter ended June 30, 2010 amounted to SR 11.85 billion compared to the same quarter in 2009 of SR 6.22 billion representing an increase of 91%.

• The income from operations for the quarter ended June 30, 2010 amounted to SR 9.14 billion compared to SR 4.08 billion for the same quarter in the preceding year. This represents an increase of 124%.

• The net income for the six months ended June 30, 2010 amounts to SR 10.45 billion compared to the net income of SR 0.83 billion for the same period in the preceding year, an increase of 1,159%

• The earnings per share for the six months ended June 30, 2010 amounted to SR 3.48 compared to SR 0.28 for the same period in 2009.

• The gross operating profit for the six months ended June 30, 2010 was SR 24.05 billion, compared to SR 9.84 billion for the same period in 2009, an increase of 144%.

• The income from operations for the six months ended June 30, 2010 was SR 18.84 billion, compared to SR 4.46 billion for the same period in 2009, an increase of 322%.

The increase in the net income for the quarter ended June 30, 2010 compared to the same quarter in 2009 is attributable to the increased production and sales volumes with the new capacity coming on-stream at SHARQ, YANSAB and the joint-venture with Sinopec in China. Additionally, the improved pricing environment for most of the products had a positive bearing on the consolidated financial performance.

The reduced profitability in the second quarter ended June 30, 2010 compared to the first quarter ended March 31, 2010 is attributable to decrease in the prices of major products, higher feedstock cost, and higher prices of raw-materials for Hadeed products.

Saudi Basic Industries Corporation (SABIC)

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