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Tuesday, 25 January 2011

gulfnews : Saudi Basic Industries profit up 27%

Saudi Basic Industries Corp or Sabic, the Middle East's largest listed company, said Tuesday its fourth-quarter net profit rose 27 per cent on increased production and sales, driven by a recovery in demand and low raw materials costs.

Fourth-quarter net profit came in at 5.81 billion Saudi riyals (Dh5.68 billion), compared with 4.58 billion riyals a year earlier. However, the result fell short of analyst expectations at Cairo-based EFG-Hermes, which had expected Sabic to post a fourth-quarter net profit of 6.14 billion riyals.

Full-year earnings per share came in at 7.20 riyals, compared with 3.03 riyalsin 2009, the plastics, chemicals and metals company said in a statement posted on the Saudi bourse website. Net income for 2010 surged to 21.59 billion riyals from 9.07 billion riyals in 2009.