FINANCIAL NEWS

Sabic’s quarterly profit soars to $1.42b

18 Oct 2010

(MENAFN) Saudi Basic Industries Corp (Sabic), the world’s largest chemical firm by market value, reported a 46-percent rise in third-quarter profit, buoyed by higher plastic and petrochemical sales, Reuters reported.

Sabic made a net profit of $1.42 billion in the three months to September 30, up from $971 million a year earlier, the company said in a statement.

Speaking at a press conference in the company’s headquarters in Riyadh, Sabic executives said third-quarter sales rose 5 percent from $10.33 billion in the second quarter.

Third-quarter operating profit was up 41 percent at $2.39 billion, a slowdown from the second quarter, when it was 124 percent above its level a year earlier at $2.43 billion.

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