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Sabic announced financial results for the third quarter of 2011

October 18/2011

(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 SABICs 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.


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