SABIC announces SR12.8 billion profit in first half of 2007
The Saudi Basic Industries Corporation (SABIC) reported a net profit of SR 12.8 billion for the first half of 2007 compared to SR 8.8 billion in the same period last year, an increase of 45%. The company’s share profit amounts to SR 5.1 compared to SR 3.5 in the same period last year.
Mohamed Al-Mady, SABIC Vice Chairman & CEO said, "SABIC's consolidated operating profits for the first half of 2007 amounted to SR 19.2 billion compared to SR 13.3 billion in the same period in 2006, an increase of 44%. This is due to an improvement in prices of major products in parallel with an increase in production and sales by 14% over the same period last year. The first half of 2007 saw several new plants coming on-stream, including SABIC affiliates UNITED’s ethylene glycol plant, HADDEED’s long steel products plants and SAFCO’s 4th Expansion Project in Jubail industrial city.
"SABIC reported a record Q2 net profits in 2007 of SR 6.5 billion compared to a record net profit of SR 6.3 reported for Q1 2007.
“The SABIC Board of Directors, under the chairmanship of Prince Saud bin Abdullah bin Thenayan Al-Saud, has approved the distribution of cash dividends amounting to SR 2.5 billion at SR 1 per share to SABIC shareholders for the first half of 2007. The date of profit eligibility for the shareholders will be the end of trading on Monday, July 23, 2007. The company will start payments on Monday, August 6, 2007.”
© 2007 Al Bawaba (www.albawaba.com)