Sabic: 2007 Profits Hit Unprecedented Amount
The Saudi Basic Industries Corporation (SABIC) reported profits for its operations during 2007, amounting to SAR 27 billion, compared to SAR 20.3 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 compared to SAR 31 billion in 2006, an increase of 32 %.
The increase in profits was in parallel with an increase in profit per share to SAR 10.81 compared to SAR 8.12 last year. This increase occurred due to a 15 % 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 compared to SAR 6.12 billion in the same period last year, an increase of 12 %.
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