Saud Basic Industries Corporation (SABIC) has announced the interim consolidated financial results for the period ended March 31, 2012:
1 The net income for the first quarter was SR 7.27 billion compared to the net income of SR 7.69 billion for the same quarter of last year, representing a decrease of 5%, and compared to the net income for the fourth quarter of 2011 of SR 5.24 billion, representing an increase of 39%
2. The gross profit for the first quarter amounted to SR 14.53 billion compared to the same quarter of last year of SR 15.43 billion representing a decrease of 6%
3. The income from main operations for the first quarter amounted to SR 11.45 billion compared to SR 12.51 billion for the same quarter of last year. This represents a decrease of 8%
4. The earnings per share attributable to net income for the three months period ended March 31, 2012 amounted to SR 2.42 compared to SR 2.56 for the same period of last year.
5. The decrease in net income of the first quarter compared to the same quarter of last year resulted from lower product pricing and higher feedstock costs for certain products, softened by the higher production and sales volumes. The increase in net income for the first quarter compared to the preceding quarter is mainly driven by higher pricing for certain products, reduction in general and administrative costs, despite of increase in feedstock costs for certain products.