SABIC reports surge in Q4-09 profits on improved demand and prices for its key products

SABIC has recorded an upsurge in Q4-09 net profit of SR 4.58 bln (US$1.22 bln) on recovering demand and prices for its key products. The Saudi major had posted just SR 311 mln (US$82.9 mln) a year ago. Q4 income soared 178% to SR 10 bln riyals (US$2.76 bln) vs year ago levels. This has surpassed analyst predictions pegged below SR 4 bln. Net income for 2009 was SR 9.1 bln (US$2.43 bln), 59% below 2008's SR 22 bln (US$5.87 bln) The increase in net profit for the fourth quarter... is due to a rise in prices and volumes sold for most petrochemical products, plastics and metals. Sabic chairman Prince Saud bin Abdullah bin Thunayan called the results promising for the coming year, when Sabic is due to press ahead with major plant developments, including a large new complex in Tianjin, China, being developed with Chinese giant Sinopec. "As new production from SABIC's projects at Sharq, Yansab and our petrochemical complex in China come onstream during 2010, this will add to total company production and sales going forward," Prince Saud said in a statement.
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