Higher Selling Prices and Productivity Boost Sabic’s Earnings

Sabic reported third-quarter net income up 37%, to SAR7.4 billion ($1.97 billion). Net income for the first nine months rose 42%, to SAR20.2 billion, on sales up 36%, to SAR86.5 billion. "Higher profits in the first nine months of 2007 reflect the improvement in the prices of most key products in line with the increase of productivity as a result of the added capacities from a number of expansion projects going on-stream,” says Sabic vice chairman and CEO Mohamed Al-Mady. These included the ethylene glycol plant at Jubail United Petrochemical Company and urea...

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