Home / Knowledge / News / Textiles / SABIC net profits grows 12% for Q4 2007
SABIC net profits grows 12% for Q4 2007
Jan '08
The Saudi Basic Industries Corporation (SABIC) reported profits for its operations during 2007, amounting to SAR 27 billion (USD7.2 billion), compared to SAR 20.3 billion (USD5.4 billion) in 2006, an increase of 33 percent.

These profits included SABIC Innovative Plastics' results for the last 4 months of 2007. According to preliminary results of the fiscal year ending December 31, 2007, the operating profits stood at SAR 41 billion (USD10.9 billion) compared to SAR 31 billion (USD8.2 billion) in 2006, an increase of 32 percent.

Prince Saud Ibn Abdullah Ibn Thenayan Al-Saud, Chairman of SABIC said: “The increase in profits was in parallel with an increase in profit per share to SAR 10.81 (USD2.88) compared to SAR 8.12 (USD2.16) last year. This increase occurred due to a 15 percent increase in sales and the rise of global prices of key products.”

“The company's net profits reported for the 4Q 2007 amounted to SAR 6.87 billion (USD1.83 billion) compared to SAR 6.12 billion (USD1.63 billion) in the same period last year, an increase of 12 percent.”

The Prince lauded the efforts of the members of the board as well as all SABIC and affiliates' employees, the collaboration of shareholders, customers and suppliers.

The SABIC board, at its recent meeting, decided to recommend to the General Assembly at its meeting scheduled for end of March 2008 to approve increasing the company's capital from SAR 25 billion (USD6.6 billion) to SAR 30 billion (USD8 billion) by granting one bonus share for each 5 shares and distribution of cash dividends at SAR 2 (USD0.5) for each one share for the 2Q 2007.

Eligibility will be for the owners of shares registered in “Tadawul” on the closing of the business day of the General Assembly's meeting.

Saudi Basic Industries Corporation

Must ReadView All

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

TEA urges Tamil Nadu govt to announce textile policy

The Tiruppur Exporters' Association (TEA) has urged the state...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Poojaa Kumar Deepak

Zeven's performance sports apparel is designed for the Indian body type,...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Planning to Take the Leap towards

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search