Petrochemical prices, higher sales drive Sabic's 46% Q3 profit increase

10/17/2010 | Bloomberg Businessweek

Petrochemical firm Saudi Basic Industries has reported a 46% rise in its third-quarter profit as net income rose to $1.42 billion due to strong demand and higher income from its petrochem holdings. The company also experienced sales gains in its plastics and fertilizer units, along with higher petrochem prices. Sabic's latest results were boosted by "the improvement in the company's capacity-utilization rate at its plants," while greater demand from Europe and China continue to fuel gains, an analyst said.

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