“We are happy to report this successful performance during
the third quarter mainly due to the increase in production and sales volumes as
well as the improvement in the prices of most petrochemical products and
plastics,” said Mohamed Al-Mady, SABIC vice chairman and chief executive
officer (CEO).
He added that the improvement in the performance of overseas
affiliates, which had a positive impact on adjusting the effects of the decline
of prices of some products during this period, also contributed to the
increased profits.
Al-Mady praised employees' efforts that have contributed to
continued improvements in performance, rationalization of expenses and
increases in production and marketing capacity. “All of which will have a
positive effect on future corporate results too,” he said.
Gross income for the third quarter was SR11.49 billion
compared to SR8.56 billion for the same quarter last year, a rise of 34
percent.
Income from operations for the third quarter was SR8.98
billion compared to SR6.36 billion in the same period last year, a rise of 41
percent. Net income during nine months is SR15.77 billion compared to SR4.48
billion for the same period last year, a rise of 252 percent.
Profit per share during the nine months amounts to SR5.26 as
compared to profit per share of SR1.49 during the same period last year.
The gross income for the nine months amounts to SR35.54
billion, compared to SR18.41 billion for the same period last year, a rise of
93 percent. Income from operations for the nine months is SR27.82 billion
compared to SR10.82 billion for the same period last year, an increase of 157
percent.
Al-Mady said that the company foresees overall growth in
steel, downstream plastics, chemicals and refining capacity in the Kingdom
during the next four years. He said that the company anticipates increased
growth in its businesses in emerging markets such as China, Brazil and also in
the Kingdom.
SABIC’s shares closed Sunday trading up 2.3 percent at SR89,
before the results announcement, while the Tadawul market index finished up
33.77 points, or 0.54 percent, to close at 6,260.55.
