RIYADH - Saudi Basic Industries Corp (SABIC) announced on Saturday preliminary net consolidated profit of 21.71 billion riyals (5.7 billion dollars) for the first nine months of 2008, an increase of eight percent on a year earlier.
However, third-quarter net profit fell two percent to 7.24 billion riyals from 7.39 billion.
SABIC also reported consolidated preliminary operating profits of 35.58 billion riyals for the third quarter, up 20 percent from 29.64 billion a year earlier.
Vice chairman and chief executive officer Mohammed al-Mady said in a statement that "there is no impact on SABIC's financial operations as a result of the existing financial crisis.
"Loans necessary to finance projects buildup and existing expansions have been completed in ample time prior to the start of the current crisis. However, the expected global recession may lead to a decline in demand for products in most of the international markets.
SABIC posted 2007 net profit of 27 billion riyals, a gain of 33 percent on 2006