Sabic Reports First Quarter 2008 Results
Source: www.gulfoilandgas.com 4/20/2008, Location: Middle East
Financials and Investment
Saudi Basic Industries Corporation (SABIC), reported first quarter 2008 (1Q08) profits of 6.92 billion Saudi Riyals, compared with 6.28 billion Saudi Riyals for the same period in 2007, an increase of 10 percent. The company’s share profit amounts to 2.31 Saudi Riyals, compared with 2.10 Saudi Riyals for the same period in 2007. The company’s capital has been increased from 25 billion Saudi Riyals (2.5 billion shares), to 30 billion Saudi Riyals (3 billion shares), as approved by the Extraordinary General Assembly Meeting on March 29, 2008. The initial operating profits for 1Q08 amount to 10.89 billion Saudi Riyals, compared with 9.56 billion Saudi Riyals for the same period in 2007, an increase of 14 percent. This rise in profits is due to an increase in prices of most of the key products and as a result of increased production and sales by 6 percent and 4 percent respectively.
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