Sabic reports 61 per cent jump in profit

18 July 2011

Saudi Arabia’s petrochemicals giant sees profits hit $2.16bn in three months up to July

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.  

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