SABIC Profit Up 12 Percent

RIYADH, 16 October 2006 — Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical firm by market value, beat analysts forecasts with a 12 percent rise in third-quarter net profit.

The Arab world’s largest listed company in the Arab world said higher prices for petrochemical and steel and new plants, which opened in third quarter, helped it notch up net profit of SR5.4 billion ($1.44 billion).

Net profit in the nine months to Sept. 30 was SR14.2 billion, down 3.5 percent from a year ago, SABIC said in a statement.

Sales volumes in the nine-month period rose 8 percent to 29 million tons while revenues jumped 12 percent to SR63.6 billion.