One of the world's leading manufacturers of metals, plastics and chemicals, Saudi Arabia-based Saudi Basic Industries Corporation (SABIC), has reported that its net profit for the first half of 2007 increased by 45 percent year on year to SR 12.8 billion ($3.4 billion) as compared to SR 8.8 billion ($2.3 billion) for the corresponding period of the previous year. The company's share profit amounts to SR 5.1 ($0.9) compared to SR 3.5 ($1.3) in the same period last year.
Commenting on the results, SABIC vice chairman & CEO Mohamed Al-Mady said, "SABIC's consolidated operating profits for the first half of 2007 amounted to SR 19.2 billion ($5 billion) compared to SR 13.3 billion ($3.5 billion) in the same period of 2006, an increase of 44 percent. This achievement is due to an improvement in prices of major products, in parallel with an increase in production and sales by 14 percent over the same period last year".