Saudi Basic Industries Corp. — Interim / Quarterly Report 2011

Apr 18, 2011

SABIC announces interim consolidated financial results for the first quarter ended March 31, 2011(three months)

2010 · 18/04/2011 15:55:06 · Announcement #21343 · View on Saudi Exchange

SABIC announces interim consolidated financial results for the first quarter ended March 31, 2011(three months)

Saud Basic Industries Corporation (SABIC) has announced the interim consolidated financial results for the quarter ended March 31, 2011:

1 The net income for the quarter ended March 31, 2011 was SR 7.69 billion compared to the net income of SR 5.43 billion for the same quarter in 2010 representing an increase of 42%, and compared to the net income for the fourth quarter of 2010 of SR 5.75 billion representing an increase of 34%

2. The gross operating profit for the quarter ended March 31, 2011 amounted to SR 15.43 billion compared to the same quarter in 2010 of SR 12.22 billion representing an increase of 26%

3. The income from operations for the quarter ended March 31, 2011 amounted to SR 12.51 billion compared to SR 9.71 billion for the same quarter in 2010. This represents an increase of 29%

4. The earnings per share for the quarter ended March 31, 2011 amounted to SR 2.56 compared to SR 1.81 for the same period in 2010

5. The increase in net income for the quarter ended March 31, 2011 compared to the same period in 2010 is attributable to the increase in production and sales volumes and improvement in sales prices for most of the products, and compared to the fourth quarter of last year is mainly due to the improvement in prices for most of the products as well as improved operating performance in SABICs overseas affiliates. Certain of the prior period figures have been re-classified to conform with the current periods presentation.

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