17 April 2007 17:22 [Source: ICIS news]
LONDON (ICIS news)--SABIC’s first quarter profits leaped 50% to a record Saudi riyal (SR) 6.3bn ($1.7bn), the company said on Tuesday in a report to the Saudi stock exchange.
Stronger prices and volumes across the group helped lift the quarterly profits, the company said. The record results topped the outcome in the final quarter of 2006.
Sabic said earnings per share for the period had risen to SR2.51 from SR1.67 in the first quarter of 2006.
It said that its first quarter 2007 volume sales were up by as much as 14% at the start of the quarter but that the rate of increase moderated to 11% through the period.
Basic chemicals accounts for about 40% of SABIC’s total production and is the Riyadh-based group’s largest business unit.
The company is one of the world’s leading olefins producers and number four in polyolefins. It is the world’s single largest producer and exporter of granular urea.
($1 = SR0.27)
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