AFP
Last updated: 17 July, 2011

Saudi giant SABIC posts H1 profits up 61%

Saudi petrochemicals giant SABIC on Sunday announced first half profits of 8.1 billion riyals ($2.16 billion), a 61 percent rise compared to the same period of 2010.

Saudi Basic Industries Corporation, which produces fertilisers, methanol and plastics, attributed the jump in earnings to increased production and better prices in the world market.

SABIC is the largest publicly traded firm in the Gulf and one of the world’s major petrochemicals groups.