18 July 2010 17:48 [Source: ICIS news]
DUBAI (ICIS news)--Second quarter net profits were nearly three times higher than the year ago period at Saudi riyals (SR) 5.02bn ($1.34bn) but 8% down on the first quarter of 2010, Saudi Basic Industries Corporation (SABIC) said on Sunday.
“The increase in the net income for the quarter ended June 30, 2010 compared to the same quarter in 2009 is attributable to the increased production and sales volumes with the new capacity coming on-stream at SHARQ, YANSAB and the joint-venture with Sinopec in China,” said CEO Mohamed al-Mady.
SABIC said the profits decrease between the 2010 quarters was due to lower prices for its major products, higher feedstock costs and higher priced raw materials for steel.
Second quarter net profits in 2009 were SR1.81bn. First quarter 2010 net profits were SR5.43bn.
The petrochemical giant's second quarter operating profit stood at SR9.14bn up from SR4.08bn in the similar period of last year.
First half net profits were SR10.45bn from SR0.83bn. Consolidated net operating income for the first six months of the year was SR18.84bn from SR 4.46bn.
SABIC produce chemicals, plastics fertilizers and steel and is 70% owned by the Saudi government with the balance held by private investors.
($1 = SR3.75)
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