2012-01-18 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: The Saudi Tadawul gauge closed 0.13% higher at 6,377.99 points Wednesday, although market bellwether Sabic (Saudi Basix Industries Corporation) slipped 0.27% to SR91.75, hitting a seven-week low. Saudi Industrial Development Company or SIDC jumped 3.44% higher to reach SR19.50. Earlier in the day, SIDC announced that its net profit during the fourth quarter reached SR2.9m compared to net loss of SR10.3m for the same quarter last year. Net profit during the period of twelve months reached SR24.8m compared to net profit of 100.6m for the corresponding period of previous year, a decrease of 75.3%. SIDC commented on the results: "The reason for increase of company's profit in the fourth quarter of 2011 compared to previous year was due to increase of sales, decrease of operating expenses and low burden zakat. The reason for decrease in net profit for the twelve months compared to the corresponding period of the previous year was to achieve company's net capital gains by SR101.7m during the twelve months of 2010 resulting from the sale of its investments in (petrochemical company) Yansab."  

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