Sabic Q4 net profit jumps 11pc to $1.55bn
Riyadh, January 19, 2013
Saudi Basic Industries Corporation (Sabic), the world's biggest petrochemicals group by market value, posted an 11.3 per cent rise in fourth quarter net profits on Saturday, but missed analyst forecasts.
Sabic said it enjoyed stronger sales and higher prices in the fourth quarter than it had in the year-earlier period, but its full-year profit fell despite a rise in overall sales.
Its full-year performance, with net income of SR24.7 billion ($6.59 billion), represented a fall of 15.5 per cent from 2011, when the company enjoyed successive quarters of record performance.
The chemicals, metals and fertilisers conglomerate earned net income of SR5.83 billion ($1.55 billion) in the three months ending December 31, compared to its profit of SR5.24 billion a year ago, it said in a bourse statement.
The fourth-quarter results marked a 7.6 per cent fall from its third quarter net earnings.
Five analysts polled by Reuters had forecast, on average, that Saudi Arabia's largest listed company would earn SR6.39 billion.
Sabic, 70 per cent state-owned, cited a "higher cost of sales and lower sales prices for certain products, despite higher sales and production volumes and reduction in financial charges" for its fall in 2012 net income.
More Industry, Logistics & Shipping Stories
- Spinneys to set up distribution centre at Kizad
- Maritime courses draw more trainees
- Dow to showcase at Dubai coatings expo
- UAE aluminium sector backs Syria refugees
- Asry in big vessel repair milestone
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event
- Aramex launches new address check system
- Toshiba in green push at Bahrain expo
- Equate net profit surges 14pc to $1.2bn
- Shaikh Daij named new Alba chairman
- Al Abbas wins logistics rights to Sudan