Saudi Basic Industries Corporation (SABIC) reported first quarter 2007 profits of SR 6.3 billion, an increase of 50% compared to SR 4.2 billion in the same period in 2006. Consolidated operating profits amount to SR 9.6 billion compared to SR 6.6 billion, an increase of 45%. Company’s share profit amounts to SR 2.51 compared to SR 1.67 in the same period last year.
SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady said: "Profits for the 1Q2007 are the highest ever quarterly profits reported since the company’s inception, which exceed the record figure reported in the 4Q2006.
“The rise in profits is due to the improvement in prices of most of the key products, and as a result of increased production and marketing of products by 14% and 11% respectively”.