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(Arabian oil and gas) -- Saudi
Basic Industries Corporation (SABIC) announced on October 17, 2011 at a press
conference held at its headquarters in Riyadh, its financial results for the
third quarter of 2011. SABIC achieved US$2.186 billion (8.2 billion Saudi
Riyals) in net profit for the 3Q2011. These are another record result in the
history of the company, for this quarter ended on 30 September, 2011. The
company's nine month profit jumped 52% year on year, reaching $6.39bn compared
to $4.29bn during the same period 2010.
During the press conference, Mohamed Al-Mady, SABIC Vice Chairman and
CEO, emphasized that SABIC has achieved positive results in the third quarter
and maintained its pace of growth based on the reliability of its performance
and sound operations. This has been achieved thanks to the efforts of SABIC
employees and recent programs that have transformed SABIC into an integrated
global company.
Al-Mady also attributed the positive results to increased production and
sales, as well as to the reduced cost of funding. He also gave credit to the
diversity of SABIC’s markets, and its strong presence in global production hubs,
especially in the markets of developing economies such as China, India and Saudi
Arabia. In these markets, it has maintained its competitive position and
continued to succeed and grow.
mrcplast.com
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