FINANCIAL NEWS

Sabic Q2 net profit surged 177%

19 Jul 2010

(MENAFN) A statement issued by Saudi Basic Industries Corporation (SABIC) said the company’s second quarter net profit surged 177 percent from a year earlier to $1.34 billion, but down 7.6 percent from the first quarter of 2010, Arab News reported.

The Gulf�s largest listed company and one of the world�s top petrochemicals producers said that the result to new production units coming on line.

Operating profit for the quarter was SR9.14 billion and earnings per share for the first half was SR 3.48.

Sabic blamed the drop from the first quarter on the lower prices of its products compared to high raw material costs.

Gross profit for the second quarter was $3.16 billion), 91 percent up from $1.66 billion a year earlier, the company said.

Net profit in the first half of 2010 totaled $2.79 billion, compared to $221.3 million in the first six months of last year.

SABIC attributed the year-on-year growth to higher prices and higher sales volumes for its petrochemical, plastic and steel products.

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