Sabic (Riyadh / Saudi Arabia; www.sabic.com) has reported net profit in the third quarter of 2009 down 50% year-on-year at SAR 3.6 bn (EUR 640m). The company said the fall was due to the sharp decline in the global prices of petrochemical, plastic and metal products as a result of the global recession and economic crisis. However, the profit was double that reported in the previous quarter thanks to a steady rise in prices as a result of improved demand. Operating profit in the third quarter was SAR 6.4 bn, down from SAR 12.5 bn in the same period in 2008.

Net profit in the first nine months of 2009 was SAR 4.5 bn compared with SAR 21.7 bn in the same period last year, a decline of 79%. Operating profit fell by 68% year-on-year in the first nine months to SAR 10.8 bn.

Mohamed Al-Mady, Sabic vice chairman and CEO, said: “In spite of repercussions arising from the global economic crisis, Sabic has maintained the same operational levels. Sabic’s total production during the first nine months of 2009 reached 44m t, a year-on-year increase of 4%, while product sold was 34.5m t, up 3% over the same period last year.”