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Sabic: Earnings surge back in 2009 fourth quarter

Driven by high oil prices, economic growth, improved production and enhanced sales, Sabic (Riyadh / Saudi Arabia; www.sabic.com) saw net earnings surge back in Q4 2009 to SAR 4.6 bn (EUR 860m) from SAR 310m in the same quarter of 2008, when it booked depreciation costs for the acquisition of GE Plastics. CEO Mohamed Al-Mady reported "significant improvement” for engineering plastics.

Operating profit for Q4 2009 was up 359% year-on-year, the highest in five succeeding quarters. For the full year, net profit fell 59% year-on-year to SAR 9.1 bn, reflecting declining prices in the first half.

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