Gulf Oil and Gas accountACCOUNT

SABIC Reports Consolidated Financial Results

Source: www.gulfoilandgas.com 4/18/2010, Location: Middle East

Saudi Basic Industries Corporation (SABIC) reported consolidated financial results for the first quarter ended March 31, 2010.

Financial highlights

First Quarter 2010
- Net profit for the first quarter ended March 31, 2010 amounted to SR 5.43 billion, as compared to a net loss of SR 0.97 billion for the same quarter in 2009, and as compared to the previous quarter’s SR 4.58 billion, representing an increase of 19 percent.
- Total profit for the first quarter amounted to SR 12.22 billion, versus SR 3.62 for the same period last year, an increase of 338 percent.
- Operating profit for the quarter is SR 9.71 billion, versus SR 0.38 billion for the same period a year earlier, an increase of 2,555 percent.
- Earnings per share for the first quarter is SR 1.81, versus a loss of SR 0.32 per share for the same period last year.

Management’s Comments
SABIC Vice Chairman and CEO Mohamed H. Al-Mady noted that the rise of net profits for the first quarter over last year can be attributed to the rise of both production and sales volumes, as well as a remarkable improvement in the prices of most petrochemical products and plastics.

Al-Mady also expressed appreciation for the efforts of all the employees of SABIC and its affiliates, and for their success in adopting the best practices across the board. “We are overcoming the impacts of the global financial crisis, as well as continuing our strategy of growth and investment in new industrial plant,” he said.

He also pointed out that the current year is seeing more productive capacity added through the completion of projects at SHARQ, YANSAB and the joint-venture petrochemical complex in Tianjin, China. “As economies strengthen this will also positively affect the company’s performance and production,” Al-Mady said.

Financials and Investment News in Saudi Arabia >>

Mozambique >>  8/22/2019 - The board of directors of the Export-Import Bank of the United States (EXIM) voted to notify the U.S. Congress, pursuant to the EXIM charter, of its c...
United States >>  8/20/2019 - Mosman Oil and Gas Limited (MSMN) the oil exploration, development and production company, advises an update on the Champion Project. Currently Mosma...

Brazil >>  8/15/2019 - MODEC, Inc. (MODEC) is pleased to announce that an affiliate of MODEC has issued a project bond in the international capital markets outside Japan to ...
Saudi Arabia >>  8/12/2019 - Saudi Aramco announced for the first time its half-year financial results. The Company’s net income was $46.9 billion for the first half 2019, compare...

Egypt >>  8/7/2019 - The Dubai Financial Services Authority (DFSA) signed a memorandum of understanding (MoU) with the Central Bank of Egypt (CBE) to enhance the relations...
Iran >>  8/6/2019 - A meeting was held to expand joint cooperation between Petropars Group and Bank Melli Iran at the presence of Engineer Hamid-Reza Masoudi. A meeting w...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.