Saudi Basic Industries Corporation (Sabic) has posted a 61 per cent increase in 2011 second quarter net profits compared to the same period of 2010.

The company’s second-quarter earnings hit $2.16bn, up from $1.34bn in 2010. Profits for the first half of 2011 were $4.21bn compared to $2.78bn for the same period of 2010.

The rise in profits was attributed to an increase in prices, as well as a rise in production and sales volume.