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Sabic profits down but operational levels maintained

October 19/2009
October 19 (plastemart.com) -- Sabic has reported a 50% drop in third-quarter profits but beat analyst forecasts. The company made a net income for the third quarter 2009 was SR3.6bn ($960m), compared with net income of SR7.2bn in the same period last year.

Mohamed Al-Mady, Sabic vice-chairman and ceo, said: In spite of repercussions arising from the global economic crisis, Sabic has maintained the same operational levels. Sabics total production during the first nine months of 2009 reached 44 million tons, an increase of 4%, while quantities sold were 34.5 million tons, an increase of 3% over the same period last year.

Al Mady added that the firms ability to generate cash flow and a range of cost-cutting measures would underpin performance going forward.


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       MRC Reference


Sabic. The share in the Russian market in 2008:
 PE 0.2%;
 PP - 0.4%;
 PS 0.2%.

 

Annual sales growth in Russia over the last 5 years:
 PE - 33%;
 PP 62%.


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