Sabic announces highest quarterly profit
Posted: 23 April 2007
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Saudi Basic Industries Corporation (Sabic) reported first quarter 2007 profits of SR6.3 billion ($1.7 billion), an increase of 50% compared to SR4.2 billion ($1.1 billion) in the same period in 2006. Consolidated operating profits amount to SR9.6 billion ($2.6 billion) compared to SR6.6 billion ($ 1.8 billion), an increase of 45%. The company’s share profit amounts to SR2.51 ($ 0.7) compared to SR1.67 ($0.4) in the same period last year.
Sabic Vice Chairman and CEO Mohamed Al-Mady said: "Profits for the 1Q2007 are the highest ever quarterly profits reported since the company’s inception, which exceed the record figure reported in the 4Q2006.
“The rise in profits is due to the improvement in prices of most of the key products, and as a result of increased production and marketing of products by 14% and 11% respectively.” |
