SABIC announces preliminary financial results

Riyadh, October 28, SPA -- The Saudi Basic Industries Corporation
(SABIC) has reported net preliminary consolidated profits of SR 21.71
billion for the first nine months of 2008, an increase of 8 percent,
compared to the SR 20.16 billion net profit in the same period last
year.


Profit per share is SR 7.24 compared to SR 6.72 in the same period
last year (based on the number of existing shares of 3 billion), an
increase of 8 percent.


SABIC has also reported consolidated preliminary operating profits
of SR 35.58 billion for the third quarter (3Q) of 2008, compared to
SR 29.64 billion in the same period last year, an increase of 20
percent over the 3Q-2007.


This increase is due to an improvement in the prices of most key
products in line with an increase of volume of productivity and sales
by 4 percent and 3 percent respectively. 3Q2008 reported net profits
of SR7.24 billion compared to SR 7.39 billion for the same quarter
last year, a decrease of 2 percent, SABIC Vice Chairman and Chief
Executive Officer, Mohamed Al-Mady disclosed in a latest press
statement carried by the Corporation's web-site.

--SPA