Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, said fourth-quarter profit rose 27 percent, in line with analysts’ estimates, as demand recovered.
Net income advanced 5.81 billion riyals ($1.55 billion) from 4.58 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement today. The mean of five analyst estimates was for a profit of 5.88 billion riyals, according to data compiled by Bloomberg.
Sales of fertilizers and plastics increased as the petrochemical industry began to recover from the global financial crisis on increased demand for automotive, construction and consumer goods. Sabic Chief Executive Officer Mohamed al-Mady said the company benefited in the last three quarters from a stable oil price and moderate demand growth.
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