Sabic: Increase of 42 % in Net Profit
The Saudi Basic Industries Corporation (SABIC) has reported a net profit of SAR 20.2 billion for the first nine months of 2007, an increase of 42 %, compared to the SAR 14.2 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, an increase of 37 percent over the 3Q-2006 profit of SAR 5.4 billion and an increase of 14% over the 2Q-2007 profit of SAR 6.5 billion.
According to the company, 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, the reinforced steel plant at the Saudi Iron & Steel Company, and urea and ammonia plants at Saudi Arabian Fertilizer Company. In addition the company added production from the SABIC UK Company following the acquisition of Huntman’s European base chemicals and polymers business in the United Kingdom at the end of 2006.
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