Sabic shares rebound on third quarter results

18 October 2010

The Tadawul market's benchmark index Tasi gained 0.39% to close at 6,285.24. Shares of Saudi Arabia's petrochemical giant Sabic jumped 2.25% to close at SR91. Sabic reported Sunday that third-quarter profit surged 46 percent due to higher prices and increased demand for its products. Sabic's net income climbed to SR5.33bn ($1.42bn), up 46% on a year-on-year basis. Shares of Zamil Industrial headed down 10% to close at SR39.60. Zamil reported on Sunday that net profits for the third quarter of 2010 stood at to SR31.7m ($8.5m), compared to SR53.8m($14.4m) during the same period in 2009, representing 41 percent decrease, and compared to SR63m ($16.8m) posted in the previous quarter (Q2) a drop of 49.6%.

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