(Arabian Oil nad Gas) -- Saudi Basic Industries Corp (SABIC) posted net profit of US$5.75bn in 2010 compared to $2.41bn for the same period 2009, a 138% increase, the company said in statement.
SABIC attributed the improvement in its results to higher sales prices for most of its products as well as a strong operating performance.
In the fourth quarter, SABIC posted $1.55bn, compared with $1.2bn to the same period 2009 and an average analyst forecast of $1.56bn, the company said.
Last year, SABIC benefited from higher production after adding new capacity under its Saudi-based affiliates Yansab and Sharq and under its Tianjin joint venture with Sinopec.