SABIC says profits for Q3 jumped 54% year-over-year to 8.2B Saudi riyals, or US$2.2B, on strong world demand for products, lower costs, higher global prices

RIYADH, Saudi Arabia , October 17, 2011 () – Saudi Basic Industries Corp., one of the world’s largest chemical producers, says its net profits for the third quarter spiked 54 percent on strong world demand for its products and high prices.

SABIC said net profits surged to 8.2 billion Saudi riyals ($2.2 billion) for the period ending Sept. 30 compared to 5.3 billion riyals for the same three-month period in 2010.

The company, which manufactures fertilizers, metals and polymers, said strong sales coupled with lower costs and higher global prices contributed to the strong results.

Saudi Arabian petrochemical companies have been posting solid profits on the back of higher oil prices earlier this year.

SABIC’s shares closed down 0.54 percent Monday at 91.75 riyals.

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