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FINANCIAL NEWS
SABIC profits up 42%
19 Apr 2011
(MENAFN) Saudi Basic Industries Corp (SABIC) said that it witnessed a forty two percent increase in its first quarter net profits as a result of a raise in production and sales, reported Arabian Business.
SABIC added that unlike analyst’s expectations of USD1.65 billion, the company’s profits reached USD2.05 billion in the first quarter compared to USD1.43 billion in the same period in 2010.
It said that its operational profit reached USD3.2 billion in the year’s first quarter with an increase of twenty nine percent compared to 2010’s same quarter.
It is worth noting that SABIC was launched in 2007 and it’s one of the world’s leading manufacturers of chemicals, fertilizers, plastics and metals.
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