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08-03-2007

SABIC: Good Results for First Half of 2007

The Saudi Basic Industries Corporation (SABIC) reported a net profit of SR 12.8 billion (approx. EUR 2.25 billion) for the first half of 2007 compared to SR 8.8 billion in the same period last year, an increase of 45 %. The company’s share profit amounts to SR 5.1 compared to SR 3.5 in the same period last year.

According to the company, consolidated operating profits for the first half of 2007 amounted to SR 19.2 billion (approx. EUR 3.35 billion) compared to SR 13.3 billion in the same period in 2006, an increase of 44 %. This is due to an improvement in prices of major products in parallel with an increase in production and sales by 14 % over the same period last year.

Sabic reported a record Q2 net profits in 2007 of SR 6.5 billion (approx. EUR 1.14 billion) compared to a record net profit of SR 6.3 reported for Q1 2007.

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