Sabic Q4 sales up 29%

Saudi Basic Industries Corp (Sabic), which had reported a big surge in net profit for the fourth quarter, has said its sales for the period increased by 29.3% while its costs rose 3.7%, Reuters has reported. Sales of the state-controlled firm stood at SR31.9bn in the three months to end-December, the highest quarterly sales figure since the third quarter of 2008, up from SR24.7bn in the fourth quarter of 2008. Costs rose to SR21.9bn in the same period, up from SR21.1bn a year earlier, the company said in detailed financial statements.