Sabic posts record profit - FT.com

Saudi Basic Industries Corp, the world’s largest chemical producer by market value, posted a record net profit in the third quarter on the back of increased sales and reduced funding costs.

The company, 70 per cent which is owned by the Saudi government, posted a 54 per cent surge in net profit year-on-year of SR8.2bn ($2.2bn) in the three months ended September 30th, it said in a statement on Monday.

Mohamed Al-Mady, vice-chairman and chief executive, attributed the growth partly to Sabic’s ability to serve developing economies such as China and India “where it has maintained its competitive position and continued to succeed and grow”.

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