Saudi Basic Industries Corp. — Interim / Quarterly Report 2010

Oct 17, 2010

SABIC announces interim consolidated financial results for the period ended September 30, 2010 (nine months)

2010 · 17/10/2010 15:49:48 · Announcement #19251 · View on Saudi Exchange

SABIC announces interim consolidated financial results for the period ended September 30, 2010 (nine months)

Saud Basic Industries Corporation (SABIC) has announced the interim financial results for the quarter and nine months period ended September 30, 2010:

1.The net income for the quarter ended September 30, 2010 was SR 5.33 billion compared to the net income of SR 3.65 billion for the same quarter in 2009 representing an increase of 46%, and compared to the net income for the second quarter of 2010 of SR 5.02 billion representing an increase of 6%.

2.The gross profit for the quarter ended September 30, 2010 amounted to SR 11.49 billion compared to the same quarter in 2009 of SR 8.56 billion representing an increase of 34%.

3.The income from operations for the quarter ended September 30, 2010 amounted to SR 8.98 billion compared to SR 6.36 billion for the same quarter in 2009. This represents an increase of 41%.

4.The net income for the nine month period ended September 30, 2010 amounts to SR 15.77 billion compared to the net income of SR 4.48 billion for the same period in 2009, an increase of 252%

5.The earnings per share for the nine months period ended September 30, 2010 amounted to SR 5.26 compared to SR 1.49 for the same period in 2009.

6.The gross profit for the nine months period ended September 30, 2010 was SR 35.54 billion, compared to SR 18.41 billion for the same period in 2009, an increase of 93 %.

7.The income from operations for the nine months period ended September 30, 2010 was SR 27.82 billion, compared to SR 10.82 billion for the same period in 2009, an increase of 157%.

8.Mr. Al-Mady stated that the increase in net income for quarter and nine months period ended September 30, 2010 compared to the same periods in 2009 is attributable to better pricing environment for most of the petrochemical and engineering plastic products, and increased production and sales volumes.

Mr. Mohamed Al-Mady, the Chief Executive Officer and the Vice Chairman of the Board of Directors of SABIC stated that the modest decrease in the pricing of certain petrochemical products in the quarter ended September 30, 2010 compared to the preceding quarter was offset by strong operating performance of SABIC's international operations.

Mr. Al-Mady praised the efforts and commitment of SABIC employees for delivering this performance and God willing their continued commitment, shall have positive impact on future corporate results.

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