The Saudi Basic Industries Corporation (Sabic) reported preliminary consolidated net profits of SR14.5 billion ($3.86 billion) for the first half of 2008 compared with SR12.8 billion in the same period in 2007, an increase of 13 per cent.

The share profit amounts to SR4.82 compared with SR4.25 for the same period last year (based on three billion shares), an increase of 13 per cent. The company also reported preliminary consolidated operating profits of SR23 billion for the first six months of 2008, an increase of 20 per cent.
  Net profits reported in the second quarter amounted to SR7.54 billion compared with SR6.47 billion in the same period last year, an increase of 17 per cent.
 Mohamed Al-Mady Sabic vice chairman and CEO, said total revenues as at June 30, 2008 stood at SR83 billion, a growth of 54 per cent 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 and rise in the volume of production and sales by 5 and 6 per cent 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 SR5.25 billion cash dividends to the company’s shareholders for the first half of 2008 at SR 1.75 per share.
The Saudi Government owns 70 per cent of the company’s shares with the remaining 30 per cent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.