Basic Industries Corp (SABIC), the world's biggest petrochemical firm by market
value, posted a 61 percent rise in second-quarter net profit due to increases in
output and prices.
beat analysts' forecasts with net profit of SR8.1bn ($2.16bn)
in the three months to end-June, compared with SR5bn a year earlier.
surveyed by Reuters on average had expected a net profit of SR7.1bn for the quarter.
a statement on the bourse website on Saturday, the company attributed the rise
in profit to increases in production and sales and higher prices for most of
main reason for the second-quarter profit increase compared to the same period
a year earlier is increased sales and improved prices of some products,"
the statement said.
company proposed a dividend of SR2 per share for the first half of 2011.
profit for the second-quarter rose by 45 percent to 13.3 billion riyals.
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