Saudi Basic Industries Corporation (SABIC), reported today First Quarter 2008 (1Q08) profits of SR 6.92 billion compared with SR 6.28 billion for the same period in 2007, an increase of 10 percent. The company's share profit amounts to SR 2.31, compared with SR 2.10 for the same period in 2007. The company's capital has been increased from SR 25 billion (2.5 billion shares), to SR 30 billion (3 billion shares), as approved by the Extraordinary General Assembly Meeting on March 29, 2008, according to a report carried today by the Corporation in its web-site. The initial operating profits for 1Q08 amount to SR 10.89 billion, compared with SR 9.56 billion for the same period in 2007, an increase of 14 percent. "This rise in profits is due to an increase in prices of most of the key products and as a result of increased production and sales by 6 percent and 4 percent respectively."
