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SABIC announced interim consolidated financial results for the first quarter

April 21/2011

(SABIC) -- Saudi Basic Industries Corporation (SABIC) has announced the interim consolidated financial results for the quarter ended March 31, 2011. The net income for the quarter ended March 31, 2011 was SR 7.69 billion compared to the net income of SR 5.43 billion for the same quarter in 2010 representing an increase of 42%, and compared to the net income for the fourth quarter of 2010 of SR 5.75 billion representing an increase of 34%.
 

The increase in net income for the quarter ended March 31, 2011 compared to the same period in 2010 is attributable to the increase in production and sales volumes and improvement in sales prices for most of the products, and compared to the fourth quarter of last year is mainly due to the improvement in prices for most of the products as well as improved operating performance in SABICs overseas affiliates.


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