SABIC Reports SR 8.10 Billion in 3Q of 2011

Saud Basic Industries Corporation (SABIC) has announced the interim consolidated financial results the period ended June 30, 201, revealing a net income for the quarter ended June 30 of SR 8.10 billion compared to the net income of SR 5.02 billion for the same quarter in 2010. This represents an increase of 61%, and compared to the net income for the first quarter of 2011 of SR 7.69 billion representing an increase of 5%, a statement posted on Saudi stock exchange said. The gross operating profit for the quarter ended June 30 amounted to SR 16.49 billion compared to the same quarter in 2010 of SR 11.85 billion representing an increase of 39%. The income from operations for the quarter ended June 30, 2011 amounted to SR 13.28 billion compared to SR 9.14 billion for the same quarter last year. This represents an increase of 45%. The net income for the six months ended June 30, 2011 amounts to SR 15.79 billion compared to the net income of SR 10.45 billion for the same period in the preceding year, an increase of 51%. The earnings per share for the six months ended June 30 amounted to SR 5.26 compared to SR 3.48 for the same period in 2010. The gross operating profit for the six months ended June 30 was SR 31.92 billion, compared to SR 24.05 billion for the same period in 2010, an increase of 33%. The income from operations for the six months ended June 30 was SR 25.78 billion, compared to SR 18.84 billion for the same period in 2010, an increase of 37%. The increase in net income for the quarter and period ended June 30, 2011 compared to the same quarter and period in 2010 is attributable to the increase in production and sales volumes and improvement in sales prices for most of the products, and compared to the first quarter of 2011 is mainly due to the increase in sales volumes as well as improvement in prices for some of the products.