Saudi Basic Industries Corp. — Earnings Release 2011

Oct 17, 2011

SABIC announces interim consolidated financial results for the nine months period ended September 30, 2011 (nine months)

2010 · 17/10/2011 16:26:48 · Announcement #22934 · View on Saudi Exchange

SABIC announces interim consolidated financial results for the nine months period ended September 30, 2011 (nine months)

Saud Basic Industries Corporation (SABIC) has announced the interim consolidated financial results for the period ended September 30, 2011:

1. The net income for the quarter ended September 30, 2011 was SR 8.19 billion compared to the net income of SR 5.33 billion for the same quarter in 2010 representing an increase of 54%, and compared to the net income for the second quarter of 2011 of SR 8.10 billion representing an increase of 1%

2. The gross operating profit for the quarter ended September 30, 2011 amounted to SR 16.81 billion compared to the same quarter in 2010 of SR 11.49 billion representing an increase of 46%

3. The income from operations for the quarter ended September 30, 2011 amounted to SR 13.50 billion compared to SR 8.98 billion for the same quarter in 2010. This represents an increase of 50%

4. The net income for the nine months ended September 30, 2011 amounts to SR 23.98 billion compared to the net income of SR 15.77 billion for the same period in the preceding year, an increase of 52%

5. The earnings per share for the nine months ended September 30, 2011 amounted to SR 7.99 compared to SR 5.26 for the same period in 2010

6. The gross operating profit for the nine months ended September 30, 2011 was SR 48.73 billion, compared to SR 35.54 billion for the same period in 2010, an increase of 37%

7. The income from operations for the nine months months ended September 30, 2011 was SR 39.28 billion, compared to SR 27.82 billion for the same period in 2010, an increase of 41%

8. The increase in net income for the quarter and period ended September 30, 2011 compared to the same quarter and period in 2010 is attributable to the increase in production and sales volumes, improved product prices as well as lower financing charges. The increase in net income for the quarter ended September 30, 2011 compared to the second quarter of 2011 is contributed by improvement in plant reliability positively impacting the revenues, and lower financing and operating costs.

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