The Saudi Basic Industries Corporation (SABIC) reported a net profit of SR 12.8 billion for the first half of 2007 compared to SR 8.8 billion in the same period last year, an increase of 45%. The company's share profit amounts to SR 5.1 compared to SR 3.5 in the same period last year, according to a report carried recently by SABIC's web-site. Mohamed Al-Mady, SABIC Vice Chairman & CEO said, "SABIC's consolidated operating profits for the first half of 2007 amounted to SR 19.2 billion compared to SR 13.3 billion in the same period in 2006, an increase of 44%. This is due to an improvement in prices of major products in parallel with an increase in production and sales by 14% over the same period last year. --MORE
