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Sabic: Earnings surge back in 2009 fourth quarter

January 29/2010

January 29 ( -- Driven by high oil prices, economic growth, improved production and enhanced sales, Sabic saw net earnings surge back in Q4 2009 to SAR 4.6 bn (EUR 860m) from SAR 310m in the same quarter of 2008, when it booked depreciation costs for the acquisition of GE Plastics. CEO Mohamed Al-Mady reported significant improvement for engineering plastics.

Operating profit for Q4 2009 was up 359% year-on-year, the highest in five succeeding quarters. For the full year, net profit fell 59% year-on-year to SAR 9.1 bn, reflecting declining prices in the first half.        

       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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