SABIC exceeds all records reporting SR14.5 bln profit for H1-2008

Saudi Basic Industries Corporation (SABIC) reported preliminary consolidated net profits of SR 14.5 bln for the first six months ending June 30, 2008 compared with SR 12.8 bln in the same period in 2007, an increase of 13%. SABIC also reported preliminary consolidated operating profits of SR 23 bln for the first 6 months of 2008, compared with SR 19.2 bln 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 SR 7.54 bln compared with SR 6.47 bln in the same period last year, an increase of 17 percent. Mohamed Al-Mady SABIC Vice Chairman and CEO said; " The total revenues as at June 30, 2008 stood at SR 83 bln, 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". "The SABIC Board of Directors, under the chairmanship of Prince Saudi bin Abdullah bin Thunayan Al-Saud, has approved the distribution of SR 5.25 bln cash dividends to the company's shareholders for the first half of 2008, at SR 1.75 per share. Date of profit eligibility for the shareholders registered in Tadawul will be the closing of trading on Wednesday July 23. Payment of dividends will take place on August 4, 2008". Al-Mady added. - Company Press Release
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