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SABIC sees higher profits in first nine months of 2007

24 Oct '07

3 min read

The Saudi Basic Industries Corporation (SABIC) has reported a net profit of SAR 20.2 billion (USD5.4 billion) for the first nine months of 2007, an increase of 42 percent, compared to the SAR 14.2 billion (USD3.8 billion) net profit in the same period last year.

For the third quarter (3Q) of 2007, the company reported a profit of SAR 7.4 billion (USD1.98 billion), an increase of 37 percent over the 3Q-2006 profit of SAR 5.4 billion (USD1.4 billion) and an increase of 14% over the 2Q-2007 profit of SAR 6.5 billion (USD1.7 billion).

The President of the Royal Commission for Jubail and Yanbu and SABIC Chairman, Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud said: "The Company reported a SAR 29.6 billion (USD7.9 billion) operating profit for the last nine months of 2007 compared to SAR 21.6 billion (USD5.8 billion) in the same period last year, an increase of 37 percent."

"The profit per share price for the current period amounts to SAR 8.06 (USD2.16) versus SAR 5.67 (USD1.51) in the same period last year”.

SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady said: "Higher profits in the first nine months of 2007 reflect the improvement in the prices of most key products in line with the increase of productivity as a result of the added capacities from a number of expansion projects going on-stream."

"These included the ethylene glycol plant at Jubail United Petrochemical Company (UNITED), the reinforced steel plant at theSaudi Iron & Steel Company (HADEED), and urea and ammonia plants at Saudi Arabian Fertilizer Company (SAFCO)."

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