Home / Knowledge / News / Textiles / SABIC exceeds all records, sees highest-ever profits in H1
SABIC exceeds all records, sees highest-ever profits in H1
21
Jul '08
The Saudi Basic Industries Corporation (SABIC) reported preliminary consolidated net profits of SR 14.5 billion for the first six months ending June 30, 2008 compared with SR 12.8 billion in the same period in 2007, an increase of 13 percent. SABIC's share profit amounts to SR 4.82 compared with SR 4.25 for the same period last year (based on the number of the existing 3 billion shares), an increase of 13 percent.

SABIC also reported preliminary consolidated operating profits of SR 23 billion for the first six months of 2008, compared with SR 19.2 billion for the same period in 2007, an increase of 20 percent.

These results are SABIC's highest-ever reported profits in one quarter. Net profits reported in this quarter amounted to SR 7.54 billion compared with SR 6.47 billion in the same period last year, an increase of 17 percent.

Mohamed Al-Mady SABIC Vice Chairman and CEO said; “The total revenues as at June 30, 2008 stood at SR 83 billion, a growth of 54 percent compared with the same period last year. This is primarily attributed to combining SABIC Innovative Plastics' results in SABIC's Financial Statements for the current period.

This is in addition to the improvement of sales prices of key products, rise of the volume of production and sales by 5 and 6 percent respectively. This is despite the hike of raw materials' prices owing to the rise of oil prices and the slowdown of major economies”.

“The SABIC Board of Directors, under the chairmanship of Prince Saudi bin Abdullah bin Thunayan Al-Saud, has approved the distribution of SR 5.25 billion cash dividends to the company's shareholders for the first half of 2008, at SR 1.75 per share.

Date of profit eligibility for the shareholders registered in Tadawul will be the closing of trading on Wednesday July 23. Payment of dividends will take place on August 4, 2008”. Al-Mady added.

Saudi Basic Industries Corporation

Must ReadView All

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Eamonn Tighe
Nature Works LLC

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search