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SABIC sales growth slowed, inventories up

The value of sales by end-June ended at $10.36 billion, up 64 percent from their level in 2009.

July 21, 2010 3:18 by

Saudi Basic Industries Corp’s (SABIC) sales growth slowed during the second-quarter, while the value of its inventories surged, financial statements showed on Wednesday.

Compared to its level a year earlier, the value of SABIC’s inventories rose 33.3 percent by end-June while they were up by annual 21.3 percent by the end of March, showed the statements published on the Saudi bourse’s website.

The value of sales by end-June stood at 38.86 billion riyals ($10.36 billion), up 64 percent from their level a year earlier and 14 percent above their level in the first quarter, although their annual growth during the previous quarter topped 72 percent.

SABIC reported a 177 percent year-to-year rise in second-quarter net profit as new output came on stream. But it missed analysts’ forecasts for the period and undershot first quarter earnings of 5.43 billion as selling prices ate into margins.

(Reporting by Souhail Karam; Editing by Dinesh Nair)

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