Saudi Basic Industries Corp. — Earnings Release 2011

Jan 17, 2012

SABIC announces interim consolidated financial results for the period ended December 31, 2011 (twelve months)

2010 · 17/01/2012 16:54:13 · Announcement #23673 · View on Saudi Exchange

SABIC announces interim consolidated financial results for the period ended December 31, 2011 (twelve months)

Saud Basic Industries Corporation (SABIC) has announced the interim consolidated financial results for the fourth quarter and twelve months period ended December 31, 2011:

1 The net income for the quarter ended December 31, 2011 was SR 5.24 billion compared to the net income of SR 5.81 billion for the same quarter in 2010 representing a decrease of 10%, and compared to the net income for the third quarter of 2011 of SR 8.19 billion representing a decrease of 36%

2. The gross profit for the quarter ended December 31, 2011 amounted to SR 13.38 billion compared to the same quarter in 2010 of SR 12.99 billion representing an increase of 3 %

3. The income from operations for the quarter ended December 31, 2011 amounted to SR 9.51 billion compared to SR 10.01 billion for the same quarter in 2010. This represents a decrease of 5%

4. The net income for the twelve months ended December 31, 2011 amounts to SR 29.21 billion compared to the net income of SR 21.53 billion for the same period in the preceding year, an increase of 36%

5. The earnings per share for the twelve months ended December 31, 2011 amounted to SR 9.74 compared to SR 7.18 for the same period in 2010

6. The gross profit for the twelve months ended December 31, 2011 was SR 62.11 billion, compared to SR 48.55 billion for the same period in 2010, an increase of 28%

7. The income from operations for the twelve months ended December 31, 2011 was SR 48.80 billion, compared to SR 37.89 billion for the same period in 2010, an increase of 29%

8. The increase in net income for the twelve months period ended December 31, 2011 compared to the same period in 2010 is attributable to the increase in production and sales volumes and higher product prices. The decrease in net income for the quarter ended December 31, 2011 compared to the same period in the preceding year and third quarter of 2011 is mainly driven by lower pricing environment in global markets for most of the products, despite increase in sales volumes.

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