18 July 2011 12:42 [Source: ICIS news]
LONDON (ICIS)--Saudi Basic Industries Corporation’s (SABIC’s) second-quarter net profits have increased 61.4% to Saudi riyals (SR) 8.10bn ($2.16bn) compared with the same quarter last year and are up 5% from the first quarter of 2011, the petrochemicals giant said on Saturday.
The company's income from operations for the quarter ended 30 June 2011 amounted to SR13.28bn compared with SR9.14bn for the same quarter in 2010, representing an increase of 45.3%.
Gross operating profit for the second quarter grew 39.2% year on year to SR16.49bn, SABIC added.
“The increase in net income for the quarter and period ended June 30, 2011 compared to the same quarter and period in 2010 is attributable to the increase in production and sales volumes and improvement in sales prices for most of the products, and compared to the first quarter of 2011 is mainly due to the increase in sales volumes as well as improvement in prices for some of the products,” the company said on the Saudi stock exchange.
SABIC’s net income for the six months ended 30 June 2011 soared 51.1% year on year to SR15.79bn, while its first-half income from operations grew 36.8% to SR25.78bn.
Gross operating profit for the six months ended 30 June 2011 grew 32.7% year on year to SR31.92bn, SABIC added.
SABIC produces 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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