Saudi Basic Industries Corporation (Sabic), which reported forecast-beating net profit for the fourth quarter, increased its sales for the period by 29.3 per cent while its costs rose 3.7 per cent.

Sabic's sales netted SR31.9 billion ($8.51 billion) in the three months to end-December, the highest quarterly sales figure since the third quarter of 2008, according to a report in our sister newspaper Gulf Daily News.

The state-controlled firm's costs rose to SR21.9 billion in the fourth quarter, it showed.