Saudi Basic Industries Corporation reported consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income was SAR 5.83 billion compared to the net income of SAR 5.24 billion for the same quarter in 2011, an increase of 11.3%, and compared to the net income for the third quarter of 2012 of SAR 6.31 billion, a decrease of 7.6%. The gross profit for the fourth quarter ended December 31, 2012 amounted to SAR 13.88 billion compared to the same quarter in 2011 of SAR 13.37 billion, an increase of 3.8%. The income from operations for the quarter ended December 31, 2012 amounted to SAR 10.22 billion compared to SAR 9.51 billion for the same quarter in 2011, an increase of 7.5%.

For the year to date, the company reported net income amounts to SAR 24.72 billion compared to the net income of SAR 29.24 billion for the same period in the preceding year, a decrease of 15.5%. The earnings per share for the twelve month period ended December 31, 2012 amounted to SAR 8.24 compared to SAR 9.75 for the same period in 2011. The gross profit was SAR 54.31 billion, compared to SAR 62.13 billion for the same period in 2011, a decrease of 12.6%. The income from operations was SAR 40.94 billion, compared to SAR 48.84 billion for the same period in 2011, a decrease of 16.2%. The increase in net income for the fourth quarter ended December 31, 2012 compared to the same quarter in 2011 is attributable to higher sales volumes and sales prices for certain products. The decrease in net income compared to the same period in 2011 is due to higher cost of sales and lower sales prices for certain products, despite higher sales and production volumes and reduction in financial charges. The decrease in net income for the fourth quarter ended December 31, 2012 compared to the third quarter is attributable to higher cost of sales, as well as lower other income related to the recording of polycarbonate licensing gains in the third quarter, despite improvement in sales prices of certain products.

The board of directors of the company has approved the recommendations of the general assembly to distribute a cash dividend for the second half of 2012 amounting to SAR 9 billion, at a rate of SAR 3 per share. An interim cash dividend amounting to SAR 6 billion was distributed to the company's shareholders for the first half of 2012, bringing the total profit to shareholders to SAR 15 billion for 2012, at the rate of SAR 5 per share, representing 50% of face value of the shares. Shareholders registered with the company on the day of the general assembly meeting, which is scheduled to be held in the second half of April 2013, will be eligible for the dividends of the second half of the year.