Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker by market value, said fourth-quarter profit rose 11 percent as sales grew and it raised prices on some products.
Net income advanced to 5.83 billion riyals ($1.55 billion) from 5.24 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement to the Saudi stock market today. That was less than the 6.4 billion-riyal average estimate of nine analysts compiled by Bloomberg News.
The gain in profit “was mainly because of higher prices in the fourth quarter,” Ahmed Shams El Din, Cairo-based director of equity research at EFG-Hermes Holding SAE, said in an e-mail. EFG-Hermes had forecast profit of 6.4 billion riyals.
Sabic Fourth-Quarter Net Increases 11%, Missing Estimates - Bloomberg
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