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(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.
mrcplast.com
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