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Sabic Q2 profit up 61%

17 Jul 2011

(MENAFN) Saudi Basic Industries Corp. (SABIC) said that due to increasing output, sales volumes and sales prices for the company’s products, in the second quarter, SABIC’s profit grew 61 percent, reported The National.

The company added that in the quarter, net income rose to USD2.1 billion compared with USD1.3 billion in 2010, moreover, the world’s largest petrochemicals manufacturer’s would pay a USD0.5 dividend for the first half.

It also said that its unit, Yanbu National Petrochemicals Co. (YANSAB), recorded a net income of USD256.8 million in the second quarter, almost the double of that recorded in the same quarter a year ago.

It is worth noting that in May, the Kingdom’s annual petrochemical exports went up 39 percent reaching USD1.2 billion.

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