RIYADH: Saudi Basic Industries Corp. (SABIC) reported a 5.7 percent rise in fourth-quarter net income.

It earned SR6.16 billion in the quarter, up from a slightly revised figure of SR5.83 billion a year earlier, SABIC said. US production of shale gas has emerged as a major challenge for SABIC, threatening to make its American rivals more competitive, but CEO Mohamed Al-Mady said shale output would not become heavy before 2016, so the market would remain firm in 2014 and 2015.