November 20, 2008

SABIC H1 net profit up by 13% YoY

The Saudi Basic Industries Corporation reported preliminary consolidated net profits of SAR 14.5 billion for the H1 ending June 30th 2008 as compared with SR 12.8 billion in the same period in 2007 up by 13% YoY.

SABIC also reported preliminary consolidated operating profits of SAR 23 billion for the first six months of 2008, compared with SAR 19.2 billion for the same period in 2007, an increase of 20%. These results are SABIC’s highest ever reported profits in one quarter. Net profits reported in this quarter amounted to SAR 7.54 billion compared with SAR 6.47 billion in the same period last year an increase of 17%.

Mr Mohamed Al Mady vice chairman & CEO of SABIC said that “The total revenues as at June 30th 2008 stood at SAR 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.”

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