Saudi Basic Industries Corp. — Earnings Release 2012

Jul 18, 2012

SABIC announces interim consolidated financial results for period ended June 30, 2012 (six months)

2010 · 18/07/2012 09:16:41 · Announcement #26515 · View on Saudi Exchange

SABIC announces interim consolidated financial results for period ended June 30, 2012 (six months)

Saudi Basic Industries Corporation (SABIC) has announced the interim consolidated financial results for the period ended June 30, 2012:

1 The net income for the quarter ended June 30, 2012 was SR 5.30 billion compared to the net income of SR 8.10 billion for the same quarter in 2011, representing a decrease of 35%, and compared to the net income of SR 7.27 billion in the previous quarter, representing a decrease of 27%

2. The gross operating profit for the quarter ended June 30, 2012 amounted to SR 12.72 billion compared to the same quarter in 2011 of SR 16.49 billion, representing a decrease of 23%

3. The income from operations for the quarter ended June 30, 2012 amounted to SR 9.43 billion compared to SR 13.28 billion for the same quarter in 2011. This represents a decrease of 29%

4. The net income for the six months ended June 30, 2012 was SR 12.57 billion compared to the net income of SR 15.79 billion for the same period in 2011, a decrease of 20%

5. The earnings per share for the six months ended June 30, 2012 was SR 4.19 compared to SR 5.26 for the same period in 2011

6. The gross operating profit for the six months ended June 30, 2012 was SR 27.25 billion, compared to SR 31.92 billion for the same period in 2011, a decrease of 15%

7. The income from operations for the six months ended June 30, 2012 was SR 20.88 billion, compared to SR 25.78 billion for the same period in 2011, a decrease of 19%

8. The decrease in net income of the quarter and six months ended June 30, 2012 compared to the same periods in 2011 is mainly attributable to lower product pricing and higher raw materials costs for certain products, despite higher production and sales volumes.

The decrease in net income of the quarter ended June 30, 2012 compared to the previous quarter is driven by lower product pricing as well as lower production and sales volumes due to plant maintenance activities.

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