Saudi Basic Industries Corporation (SABIC) reported 1st half 2005 net profits of SR 9.84 billion (US$2.6 billion), an increase of 84% compared to the profits in the same period last year. Second quarter (2Q) 2005 reported profits were SR 4.76 billion (US$1.3 billion) compared to SR 5 billion (US$1.35 billion) profits in the 1st quarter (1Q) 2005. SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mandy said, "These corporate operational profits reflect SABIC's sustained endeavors in managing its expenses and investing more in its capabilities to boost and optimize its production and marketing processes. This rise reflects the remarkable increase in the company's marketing performance in parallel with the rise of global prices compared to the 1Q of last year. Despite the rise in the volume of sales, the decrease in the company's profits in the 2Q-2005 compared to the 1Q-2005, is primarily attributed to the drop in the global prices of most petrochemical products. Global prices have once again started to rise from this month, according to a press release of Sabic issued here today. --MORE 1350 Local Time 1050 GMT
