Sabic reports $1.45b net profit in Q1

18 Apr 2010

(MENAFN) Saudi Basic Industries Corp (Sabic) posted a $1.45 billion net profit in the first quarter this year, on the back of improvements in both prices and demand, Reuters reported.

According to Sabic’s statement, the improvement in the quarterly net profit stemmed from a rise in volumes and a significant improvement in prices of most petrochemicals and plastics.

The firm’s operating profit reached $2.58 billion for the quarter, up from $101 million in the same period a year earlier. Earnings per share (EPS) were $482 by end-March up from a net loss per share of $85.3 a year ago.

Sabic, whose earnings serve as a benchmark for earnings of other petrochemical majors such as Germany’s BASF and Dow Chemical, had shocked markets with a loss of $260 million in the first quarter in 2008.

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