Saudi Basic Industries Corporation (SABIC) outlined its 2012 annual results on 19 January, reporting a net income of SR24.72bn ($6.59bn) for the year ending 31 December 2012, compared with SR29.24bn ($7.85bn) for 2011. The company attributed the 15.5% net income decline to “higher cost of sales and lower sales prices for certain products, despite higher sales and production volumes and reduction in financial charges.” Gross profit for 2012 was SR54.31bn ($14.48bn), down by 12.6% from SR62.13bn ($16.57bn) for 2011. Income from operations for 2012 was SR40.94bn ($1.92bn), down 16.2% on the SR48.84bn ($13.02bn) reported for 2011.
SABIC said that net income for the fourth quarter of 2012 was SR5.83bn ($1.5bn), compared with SR5.24bn ($1.4bn) for 4Q11 (an increase of 11.3%) and SR6.31bn ($1.68bn) for 3Q12 (a decrease of 7.6%). Gross profit for 4Q12 amounted to SR13.88bn ($3.70bn), an increase of 3.8% over the SR13.37bn ($3.57bn) for 4Q11. Income from operations for 4Q12 amounted to SR10.22bn ($2.73bn), an increase of 7.5% over the SR9.51bn ($2.54bn) for 4Q11. (CONTINUED - 286 WORDS)
