Saudi Basic Industries Corporation (SABIC) has announced the interim consolidated financial results for the period ended September 30, 2012:
1. The net income for the quarter ended September 30, 2012 was SR 6.31 billion compared to the net income of SR 8.19 billion for the same quarter in 2011, representing a decrease of 23%, and compared to the net income of SR 5.30 billion in the previous quarter, representing an increase of 19%
2. The gross operating profit for the quarter ended September 30, 2012 amounted to SR 13.18 billion compared to the same quarter in 2011 of SR 16.81 billion, representing a decrease of 22%
3. The income from operations for the quarter ended September 30, 2012 amounted to SR 9.84 billion compared to SR 13.50 billion for the same quarter in 2011. This represents a decrease of 27%
4. The net income for the nine months ended September 30, 2012 was SR 18.89 billion compared to the net income of SR 23.98 billion for the same period in 2011, a decrease of 21%
5. The earnings per share for the nine months ended September 30, 2012 was SR 6.30 compared to SR 7.99 for the same period in 2011
6. The gross operating profit for the nine months ended September 30, 2012 was SR 40.43 billion, compared to SR 48.73 billion for the same period in 2011, a decrease of 17%
7. The income from operations for the nine months ended September 30, 2012 was SR 30.72 billion, compared to SR 39.28 billion for the same period in 2011, a decrease of 22%
8. The decrease in net income of the quarter ended September 30, 2012 compared to the same period in 2011 is due to lower product pricing. The decrease in net income for the nine months period ended September 30, 2012 compared to the same period in 2011, is due to lower product pricing, despite increased production and sales volumes.
The increase in net income of the quarter ended September 30, 2012 compared to the previous quarter is driven by increased production volume due to improvement in operational efficiencies. In addition, other income includes income from the polycarbonate technology licensed by SABIC Innovative Plastics to the Tianjin project, which is equally owned by SABIC and China Petroleum & Chemical Corporation.