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SABIC profits in 2010 up 138% to $5.75bn

January 19/2011

(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.


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SABIC profits in 2010 up 138% to $5.75bn
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