Saudi Basic Industries Corp (SABIC) posted on Saturday a 76 percent drop in second quarter net profit and attributed the drop to a sharp decrease in prices of petrochemicals and metals. SABIC made a net profit of SR1.81 billion ($482.7 million) in the three months to June 30, down from SR7.55 billion a year earlier, it said in a statement posted on the Saudi bourse website. “The decline in second-quarter net profit ... is due to a sharp decrease in the prices of petrochemicals, plastics and minerals because of the global financial and economic crisis,” it said. SABIC's revenues fell 58 percent to SR6.22 billion ($1.66 billion) in the quarter from SR14.85 billion ($3.96 billion) a year ago, but were up from SR3.6 billion ($960 million) in the three months to March. Earnings per share for the six months to June 30 plunged to SR0.28, from SR4.82 a year earlier. Production in the first six months of 2009 rose one percent to 28.5 million tons while sales volume edged up two percent to 22.9 million tons. Meanwhile, Savola Group, Saudi Arabia's largest food products firm by market value, said second quarter profit fell 17.5 percent on lower income and provisions for an investment in a listed property developer. Savola, the world's top manufacturer of branded edible oil and the Middle East's top sugar refiner, projected, however, that third-quarter earnings would rise 58.2 percent from a year earlier, backed by growth in revenue from traditional sugar, edible oil and plastic businesses. The company made a net profit of SR212.5 million ($56.7 million) in the three months to June 30, 2009 compared with SR257.7 million in the year-earlier period, Savola said in a statement. Savola's second quarter statements show the value of Savola's investments fell to SR4.6 billion by the end of June down from SR4.98 billion by the end of March. The firm's turnover stood at SR4.36 billion in the second quarter which is 32 percent above its level a year earlier and 20 percent above the first quarter of this year. Operating profit rose 37.7 percent to SR 374.9 million in the second-quarter which is also 34.3 percent above the first quarter of this year. Earnings per share in the second quarter were SR 0.42 versus SR0.52 a year earlier. Savola will offer shareholders a SR0.25 per share dividend for the second quarter of 2009, which equals the amount it offered in the first quarter of this year. Sipchem net dives 99.6% Saudi International Petrochemical Co. (Sipchem) said Saturday its second-quarter net profit plunged 99.6 percent to SR510,600 ($133,333) from SR133.8 million a year earlier, due mainly to the sharp decline in demand for petrochemicals amid the global recession. Operating profit in the second quarter declined 96.3 percent to SR25.1 million from SR242.1 million a year earlier, the company said in a statement on the Saudi bourse website. Sipchem said the sharp fall in petrochemical prices forced it to markdown its 2008 fourth quarter sales by SR55 million, which contributed to the fall in net profit. SHB net profit drops 72 Saudi Hollandi made SR90.6 million ($24.16 million) in the three months to June 30, a 72.2 percent drop compared to a SR326.3 million profit a year earlier, the lender said in a statement on the bourse website. Saudi Hollandi's operational profit rose 0.79 percent to SR552.5 riyals in the second quarter. Assets rose 17.9 percent to SR69 billion in the first six months, investments gained 19.3 percent to SR16.1 billion. The loan portfolio rose 16.9 percent to SR39.6 billion. It gave no quarterly data. ANB's net slides 0.8% Saudi Arabia's Arab National Bank (ANB), said Saturday its 2009 second-quarter net profit declined 0.8 percent to SR746 million ($198.93 million) from SR752 million a year earlier. ANB, an affiliate of Arab Bank - Jordan's largest lender - said its assets were SR115.1 billion at the end of the quarter, up 4.3 percent on the year, and its deposits stood at SR85.2 billion, up 0.4 percent. Net profit for the fist half of 2009 grew 1.1 percent to AR1.441 billion compared with a year earlier, the bank said in a statement on the Saudi bourse website. The bank said growth in net profit in the first half of 2009 was due to a 4.4 percent rise in fee-generated income, which includes financing income. Arab National said earnings per share for the first half of 2009 were SR2.22, up from SR2.19 a year earlier. Bank Al Bilad net down Saudi Arabia's Bank Al Bilad said Saturday that its second-quarter net profit declined 53 percent to SR26.9 million ($7.17 million) compared with the same quarter a year earlier. The bank's assets were SR16.41 billion as of June 30, 2009, up 7 percent on the year, and its deposits stood at SR12.71 billion, up 12 percent, Bank Al Bilad said in a statement on the Saudi bourse website. The lender posted an increase of 4 percent in gross profit in the second quarter compared with a year earlier. Saudi Cement profit dips Saudi Cement Co said Saturday that its second-quarter net profit fell 2.3 percent from a year earlier to SR167.7 million ($44.7 million) due to the year-long ban on cement and clinker export. Net profit for the first six months of 2009 declined 7.3 percent to SR319.7 million from SR344.9 million, Saudi Cement said in a statement on the Saudi bourse website. TASI jumps 2.54% However, Tadawul All Share Index (TASI) climbed 2.54 percent to 5,774.72 on Saturday. All 15 TASI sectors made gains with the leading petrochemicals sector up 3.65 percent, banks 2.85 percent, retail 1.38 percent, real estate development 1.19 percent and telecoms 2.12 percent. SABIC, the world's largest chemicals maker by market value, led the rally, increasing 4.27 percent to SR65.75 amid higher oil prices.